4B — April 15 - 28, 2016 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey J.D. Parker of Marcus & Millichap facilitates deal IPA inks $32.4 million sale of two nursing facilities

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Geraldine L. Thompson Care Center

The John L. Montgomery Care Center


ONMOUTH COUN- TY, NJ — Institu- t i ona l Proper ty

Advisors (IPA) , a division of Marcus & Millichap , an- nounced the sale of two skilled nursing facilities inMonmouth County, NJ, the John L. Mont- gomery Care Center and the Geraldine L. Thompson Care Center. The two properties sold for a total of $32.4 million. “We worked with the county for many years prior to the sale,” said IPA senior director Joshua Jandris . “Downward pressure on Medicaid rates, the intro- duction of Managed Long Term Care and increased operating costs contributed heavily to the eventual decision to sell. The auction saw the best turnout ever for a New Jersey county seniors housing sale and the assets sold at a 100 percent pre- mium to two separate buyers.” Jandris and IPA executive director Mark Myers , IPA associate director Charles Hilding and Marcus & Mil- lichap associate Anthony Asencio represented the seller, the Monmouth County Counsel. The buyer is Allaire Healthcare Group; Preferred Care Holdings. J.D. Parker , senior vice president, district manager and Marcus & Milli- chap’s broker of record in New Jersey, facilitated the comple- tion of this transaction. The John L. Montgomery Care Center is a 174-bed fa- cility located in Freehold, NJ less than four miles from the 264-bed CentraState Medical Center. It was constructed in 1940 and renovated in 1984. Constructed in 1991, the Geraldine L. Thompson Care Center is 135-bed facility in Wall Township, NJ that is less than six miles from the 259-bed OceanMedical Center and 38 miles east of Trenton. n


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