SACRAMENTO, CA, August 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Gramercy Court, a 87,526-square foot assisted living and skilled nursing facility located in Sacramento, California, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $15,600,000.
Max McCabe, associate, and Krone Weidler, vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a fund manager, was secured and represented by Krone Weidler and Max McCabe. Kent Williams, broker of record, assisted in closing this transaction.
Gramercy Court, an assisted living and skilled nursing community is located in Sacramento, California. The property sits on a 5.39 acre campus and is comprised of eight buildings totaling 87,526 square feet. The assisted living part of the campus is comprised of four buildings with a total of 71 units and 85 licensed beds, while the skilled nursing part of the campus is comprised of three buildings with a total of 63 units and 120 licensed beds.
At the center of the campus is the Hampton Court building which serves as the administrative headquarters for the community, and houses the kitchen, dining hall, laundry, classroom, day care and physical therapy.
“Through our advisory services and national reach we were able to drive top dollar for this asset on behalf of the seller,” says McCabe. “This sale is a perfect example of the demand seen for newer product as most seniors housing in California is 1960’s vintage.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com