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| Baytree Lakeside, St. Petersburg, FL |
ST. PETERSBURG, FL (Nov. 27, 2012) – Selling for three times
the facility’s cash flow, the leasehold interest for the Baytree Lakeside
assisted living facility in St. Petersburg has been sold to Morningstar
Assisted Living, LLC.
Kenneth Carriero, CCIM, National Director of Colliers
National Seniors Housing Group, and Damien Carriero, Associate Director,
negotiated the closing.
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| Kenneth,, David Carriero |
The Carrieros, based in Colliers International Tampa
Bay’s offices in Clearwater, work on a national and international platform
focusing on real estate investment brokerage for senior living facilities.
The seller, Taterik Properties, LLC, had four years left on
a five-year lease option, while the buyer, Morningstar Assisted Living, LLC,
intends to exercise the option to purchase prior to the end of the options
period.
“We had a lot of interest in this property as it performs
well and is in a great location,” said Kenneth Carriero. “Baytree Lakeside has
been an operating assisted living facility with a stellar reputation since it
opened its doors approximately 15 years ago, and the seller had been operating
it for the last 6 years.”
Baytree Lakeside provides its residents with such services
as housekeeping, laundry, beauty and barber, and home health and rehabilitation
therapy, as well as recreational activities including games, exercise classes,
arts and crafts and more.
Baytree Lakeside, located at 6411 46th Ave. N, has 47 units
and 70 beds.
Contact:
Leah Saunders
(727) 895-5030, x104
(813) 924-0367
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