BUYER: Bayside Terrace LLC (Terence J. McCarthy as trustee), Clearwater
SELLER: Al Inv. Pinellas Park LLC
PROPERTY: 9381 U.S. 19 N., Pinellas Park
PRICE: $3.55 million
PREVIOUS PRICE: $9.21 million, December 1998
LAW FIRM ON DEED: Ford & Ford PA, St. Petersburg
PLANS, DESCRIPTION: Clearwater-based TJM Properties purchased the 157-unit The Lodge at Mainlands assisted-living and memory-care facility for $3.55 million.
The price equated to $22,611 per unit.
Built in 1986, the three-story, 65,514-square-foot building occupies a 1.96-acre site. The property has a limited nursing services license, which allows the facility to take on residents that require more assistance than other facilities.
“This was a great deal for us,” says Dale Schooley, director of acquisitions for TJM Properties. “It's the closest community we own and operate to our home office. It's just three miles away. It's a really good fit.”
The senior-housing focused real estate firm has changed the name of the facility to Bayside Terrace. It plans to make improvements to the vacant rooms, flooring and carpets; paint the facility; and install a new cooling tower.
“It's not that there was anything wrong with the building,” Schooley says. “We just needed to bring it up to our standards.”
All the improvements are scheduled to be completed this month.
In addition, the new owner plans to market the 24 vacant units to seniors as independent residences.
TJM Properties owns and operates 18 senior-focused properties with just under 2,500 units and close to 3,000 beds. Along the Gulf Coast, its holdings include the 118-unit The Princess Martha in St. Petersburg, 142-bed Summerfield Retirement Residence in Bradenton, 320-unit The Oaks of Clearwater, 113-unit Bradenton Oaks, 92-unit Sunset Lake Village in Venice and 92-unit Village Place in Port Charlotte. It purchased four facilities last year and has already acquired another three this year.
“If someone has a community and they're interested in possibly selling, they should give me a call,” Schooley says. “We have money, and we're aggressively looking.”
The purchase entity Bayside Terrace LLC mortgaged the property to Regions Bank for $3.99 million.