Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of the Champaign County Nursing Home, a 243-bed skilled nursing facility in Urbana, Illinois. University Rehab Real Estate LLC purchased the asset for $11 million.
Joshua Jandris, Mark Myers and Matthew Andriano, all of IPA, represented the seller, Champaign County, which needed to resolve its long-term care facility’s financial issues. Jandris, Myers, and Andriano also procured the buyer, University Rehab Real Estate LLC.
“IPA successfully negotiated through the complexities of the varied political positions and objectives held by the county board relating to the sale of the facility,” said Andriano. “The ultimate result was a win-win for the buyer and seller as well as the residents of Champaign County and University Rehab.”