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Overview
A struggling assisted living community in Memphis, TN decided to close its doors and cut its losses. They hired MIG to list the property vacant with the plans to pursue buyers in the senior living space and or behavioral health space.
Results
MIG was able to bring a Chicago buyer to the table that got a zoning variance completed during DD. After closing on the deal, the buyer then proceeded to negotiate a lease with a tenant in the behavioral health space.
Conclusion
Not many other businesses can backfill a senior living community, but behavioral health is one industry that's had success converting senior living communities into residential in-patient or out-patient communities. At times, a behavioral health buyer will be willing to pay more than a group with plans to keep a building's use as senior living.
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