SLIB Negotiates $6.7M Sale of Skilled Nursing Facility Near Grand Rapids

GRAND HAVEN, Mich. — Senior Living Investment Brokerage has arranged the sale of Sanctuary at the Shore, a 126-bed skilled nursing facility in Grand Haven. The city is located along Lake Michigan just west of Grand Rapids.

Regional nonprofit operator Trinity Health sold the community to Madison Healthcare and Prestige Healthcare Management which owns communities in Kentucky, Massachusetts, Ohio, Pennsylvania and over 20 in Michigan. 

The price was $6.7 million, or $53,175 per bed. The capitalization rate on the transaction is 8.85 percent, and the property was 80 percent occupied at the time of sale.

Ryan Saul of Senior Living Investment Brokerage facilitated the sale. 

The facility was built in 1969 with an addition of a north wing in 1970 and a new entrance lobby in 2000. The property consists of approximately 42,700 square feet on 3.13 acres.