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LONG BEACH, CALIF. — CBRE Group Inc. (NYSE: CBG) has arranged the sale of the Bellagio Manor, a 208-bed assisted living facility located in Long Beach, to Glen Park at Long Beach Inc. for $8.2 million.
The two-story property is 51,000 square feet, situated on 1.16 acres. The price per bed was $39,423.
The facility was only 53 percent occupied at the time of sale, but the buyer saw opportunity in high demand in the area, according to CBRE.
CBRE healthcare team members Bryan Lewitt and Chris Isola represented the seller, Bellagio Manor Inc.