GALESBURG, Ill. — Senior Living Investment Brokerage has arranged the sale of Rosewood Care Center of Galesburg, a skilled nursing facility in Galesburg, approximately midway between Peoria and the Iowa border.
Located on an 11.4-acre plot, the property was built in 1988 and features 180 licensed beds in a 58,193-square-foot building. Regional owner-operator Aperion acquired the asset from a private REIT, Galesburg Real Estate Inc., for $3.3 million.
At the time of sale, 76 percent of the functional beds were occupied. The sale was part of a larger Rosewood portfolio sale, but was handled independently as this location had conventional debt while the rest carried HUD debt.
The owner was looking to sell as, despite annual revenues nearing $6 million, the facility was running a negative EBITDAR of over $1 million and the operator was unable to make its lease payments.
Ryan Saul of Senior Living Investment Brokerage led the transaction.