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Business Observer Friday, Aug. 16, 2013 5 years ago

Clearwater's TJM Properties sells 15 communities for $200M to Fortress/Holiday

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TJM Properties, a company owned by Terence McCarthy, has been accumulating properties since 2001.

Fortress Investment Group/Holiday, a real estate investment trust specializing in retirement housing, has purchased 14 Florida retirement communities and a single location in North Carolina from Clearwater-based TJM Properties for more than $200 million.

TJM Properties, a company owned by Terence McCarthy, has been accumulating properties since 2001.

The sale included five Gulf Coast properties: Bradenton Oaks and Summerfield Retirement in Bradenton, Bayside Terrace in Pinellas Park, Village Place Retirement in Port Charlotte and Sunset Lake Village in Venice.

TJM Properties says it plans to focus on acquiring additional properties through a new investment real estate fund and managing its remaining facilities. The fund currently owns and manages three franchised hotels — The Belleair Beach Club and newly purchased Treasure Island Ocean Club — as well as its local retirement communities, The Oaks of Clearwater and The Princess Martha in downtown St. Petersburg.

TJM Properties and affiliates, formerly known as McCarthy Properties, has acquired, managed, and redeveloped more than 850 residential and commercial properties since 1979.

Properties sold:

  • Spring Haven Retirement, Winter Haven
  • Spring Oaks, Brooksville
  • Forest Oaks, Spring Hill
  • The Courtyards at Berne Village, New Bern, N.C.
  • Lake Morton Plaza, Lakeland
  • Renaissance Retirement Center, Sanford
  • Bradenton Oaks, Bradenton
  • The Grande, Brooksville
  • Sunset Lake Village, Venice
  • Village Place Retirement, Port Charlotte
  • Emerald Park Retirement, Hollywood
  • Summerfield Retirement, Bradenton
  • Bayside Terrace, Pinellas Park
  • The Plaza at Pembroke Park, Pembroke Park
  • Balmoral Assisted Living, Lake Placid
  • Properties remaining under TJM:
  • The Oaks of Clearwater, Clearwater
  • The Princess Martha, St. Petersburg
  • Southern Gardens, Lake Alfred
  • Carriage Hill Retirement, Bedford, Va.

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