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8/14/15
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Bellagio Manor, a 208-bed assisted living facility in Long Beach, sold for $8.2 mil ($39.4k/bed). The asset, located at 1046 East Fourth St, was purchased by Glen Park at Long Beach Inc.
The two-story, 51k sf is situated on 1.16 acres. Located along the Fourth Street business corridor, the facility is near single family, multi-tenant and neighborhood retail stores, as well as public transportation via Long Beach Metro. It is adjacent to Downtown Long Beach and one block from the Long Beach Senior Citizens Center.
CBRE healthcare experts Bryan Lewitt and Chris Isola represented the seller, Bellagio Manor, Inc.
“This was a rare opportunity to acquire a senior living facility,” said Lewitt. “Although the facility was only 53 percent occupied at the time of the sale, there was a huge demand from the assisted living community to purchase the property and this business.”
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