Committee glimpses private interest in Pine Crest
Monday morning, Lincoln County’s Administrative and Legislative Committee chose to take no action following nearly two hours of presentations and information from two separate brokerage firms, regarding the potential privatization of Pine Crest Nursing Home.
Gauging private interest in the 40-year-old facility came as a request during last month’s County Board meeting.
During an agenda item dedicated to hearing an update on the pending expansion of the facility, 20th District Supervisor Carl VanderSanden and 16th District Supervisor Mike Loka requested county Administrative Coordinator Randy Scholz to determine what sort of, if any, private interest exists in the 178-bed, 128,000-square-foot facility.
Prior to the start of Monday’s meeting – convening with an audience of nearly 20 community members, including county board members – board chairman Bob Lee cautioned those in attendance of the true purpose for the meeting, versus rumors which had been circulated of the issue.
“You’ll be hearing this information today the same as we are,” Lee stated. “There are some rumors going around out there and I want you to know this is for information only. We are not acting on anything here today. This is just one of three or four options the County Board as a whole will have to decide on, which will be presented at the next County Board meeting. We are only hearing this as we have yet to hear from the private sector to gauge interest in purchase of Pine Crest. So the board directed us to do that today and that’s what we are doing here.”
The committee heard presentations from Chicago-based Evans Senior Investments and California-based Marcus & Millichap.
While each firm seemingly followed their own unique approach in discussing potential sale to a for-profit, private owner, both were very close in their given estimated values of the facility.
Marcus & Millichap came in on the high end with an estimated value of $8 million, Evans weighed in with a $6 million estimate.
Estimates were given based upon revenue and expense reports provided by the county. During Monday’s meeting, Scholz advised the presentations came free of cost.
Lee also advised additional information regarding Pine Crest is expected to be forthcoming at the next county board meeting, set for Tuesday, July 19 at 6 p.m. at the William Buedingen Training Center, W6147 STH 86, Tomahawk.