The Coastal Star

Business Spotlight: Carlisle senior living community sold

The swimming pool at the Carlisle. Photo provided

By Christine Davis

    There’s been an ownership change at Carlisle Palm Beach in Lantana. The senior living community, at 450 E. Ocean Ave., sold for $77,197,300 on Sept. 15, according to property records.
    The new owner, Palm Beach FL Senior Property, LLC, is an affiliate of Bridge Investment Group, a real estate investment and property management firm based in Salt Lake City. Bridge Seniors principals have acquired, developed, managed or disposed of approximately 350 seniors housing projects. They have $1.9 billion of assets under management, and 53 communities with more than 6,200 units.
    The Carlisle has 290 units and 302 beds and is made up of independent-living, assisted-living and memory-care units, with monthly rents that start at nearly $4,000. More than $10 million has been invested in the complex during the past five years.
    Cushman & Wakefield coordinated the sale. The team included the executive managing director, Richard Swartz; executive director Jay Wagner; director Jim Dooley, and associate Caryn Miller. On behalf of the buyer, Wagner, senior director Aaron Rosenzweig and director Tim Hosmer arranged for a $55 million mortgage from Wells Fargo to finance the deal.
    “We had strong interest from a mix of private equity and public REITs as well as several offshore investors, including Asian and Middle Eastern capital,” Swartz said.
    The Carlisle was built in 1999. The previous owner, SHI Carlisle Palm Beach LLC, a joint venture between Chicago-based Senior Lifestyle and Boston-based AEW Capital Management, bought the property in April 2011 from Palm Beach Club for $53 million. Senior Lifestyle will continue to handle the community’s operations.
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    A sold-out crowd of 230-plus guests attended the Education Breakfast at the Delray Beach Golf Club.
    Originating in the 1970s, the event, hosted by the Greater Delray Beach Chamber of Commerce, gives teachers a chance to hear from principals about challenges and successes for Delray Beach’s school system.
    Teachers and principals received backpacks, school supplies, flowers and gift cards that were sponsored by Source1 Purchasing, Office Depot, Caron Renaissance/Ocean Drive, Professional Security Consultants and Monthly Express.
    Keynote speaker Bill Bone inspired the audience with a talk titled “Grit and Gratitude.” Robert Avossa, superintendent of the School District of Palm Beach County, gave updates on the new school year.

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Making way for Publix

Workers remove debris Sept. 21 from the former theater that had long been part of Plaza del Mar in Manalapan. Considerable clearing of old buildings at the center of the mall remains to be done before construction of the new grocery can begin. The opening of the Publix is targeted for June 2018. Jerry Lower/The Coastal Star

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                              Luminary, the Greater Delray Beach Chamber of Commerce’s annual fundraiser and awards presentation, is scheduled for Oct. 27 at the Grand Ballroom of the Delray Beach Marriott. Tickets are $150 per person or $2,500 for eight tickets to the VIP Lounge. To RSVP, call 278-0424 or visit www.delraybeach.com/Luminary.
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    In August, the Boca Chamber and JM Lexus hosted the Chamber’s signature event, “Wine & All That Jazz,” at the Boca Raton Resort and Club. Fine wines and food from more than 20 restaurants were provided for 600 guests. A portion of the proceeds will  fund efforts of the Chamber’s Golden Bell Education Foundation, which provides money and programming support to Boca Raton public schools.
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    The International Downtown Association recognized the Delray Beach Downtown Development Authority with the Downtown Achievement Award of Excellence for Delray Fashion Week 2017, and with a Certificate of Merit award for the Inside Downtown Delray Beach Video Series. The awards were presented during the 63rd annual conference and trade show in Winnipeg, Manitoba.
    “It is the collective mix of our merchants and businesses and their collaborative spirit that enable programs such as Delray Beach Fashion Week to be successful, and the ability to showcase the beauty, diversity and uniqueness of downtown Delray through their perspective in the video series,” said Laura Simon, executive director of the Delray Beach Downtown Development Authority.
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    Congratulations to Annie Davis, president of Palm Beach Travel. She’s a winner of a 2017 Magellan Award and will be featured in the Oct. 30 issue of Travel Weekly. Her entry, “Palm Beach Travel Merges Travel + Art,” won her a silver award in the category of Travel Agent Organizations, Overall, Travel Agent Innovation. In her entry, she described Palm Beach Travel’s 2017 expansion to include the Palm Beach Art gallery, which gives her clients the opportunity to explore affordable art while making their travel plans.
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    Lang Realty supported Florida Atlantic University’s Charles E. Schmidt College of Medicine’s seventh annual “White Coats 4-Care” event with the sponsorship of two white coats, as well as personalized welcome notes for the school’s incoming medical students. This event was created to welcome, dress and equip the college’s incoming class.
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    In July, 35 real estate firms spanning 22 states received the Quality Service Certification’s QE Award, based on service excellence for exceptional customer service satisfaction.  Among the recipients was the Keyes Company, South Florida, which was a winner in the “Top 5 Large Companies” category.
 “There is no greater honor than earning the highest ratings from our customers for the hard work of our agents touching all the bases and bringing home a fantastic service experience for every one of our clients,” said Mike Pappas, president and CEO at Keyes in South Florida. “That’s why winning a QE Award is the best award any brokerage in real estate can receive.”
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    Local real estate agents were among those named to Real Trends America’s Best Real Estate Agent list based on their excellence in real estate sales during 2016. “This group of highly successful real estate sales agents represents less than 1 percent of all real estate practitioners in the United States,” said Steve Murray, president of REAL Trends.
    To qualify, an agent must have closed at least 50 transaction sides (representing either the buyer or seller) or $20 million in sales volume in 2016. For real estate agent teams, the minimum is 75 transaction sides or $30 million in closed sales volume.
    Within the top 100 individuals by volume in Florida, local agents in the top 10 were Pascal Liguori, Premier Estate Properties, Delray Beach, with $224,767,500 in sales at No. 2, and David Roberts, Royal Palm Properties, Boca Raton, $180,642,500, at No. 4.
    Within the top 100 teams by sides listed in Florida, the top 10 local team was The Rucco Group, RE/MAX Direct, Boynton Beach. It ranked No. 7 with 338 side transactions.
    D’Angelo/Liguori, Premier Estate Properties, Boca Raton, ranked at No. 10 within the top 100 teams by volume in Florida with $115,501,000 in sales.
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    On Aug. 28, Douglas Elliman agents Randy Ely and Nicholas Malinosky listed four waterfront properties: 3232 Polo Drive, Gulf Stream, for $5.95 million; 50 Spoonbill Road, Manalapan, for $3.875 million; 13 Ocean Harbour Circle, Ocean Ridge, for $3.375 million; and 124 Marlin Drive, Ocean Ridge, for $3.25 million.
    Also, on Aug. 17, Douglas Elliman Florida agent Devin Kay listed four properties in the estate section of Seagate, Delray Beach. They are being marketed as an opportunity for a developer to build new single-family homes.
    They can also be purchased separately. The properties are a 15,069-square-foot lot at 912 S. Ocean Blvd. and a home on a 15,069-square-foot lot at 914 S. Ocean Blvd., each listed for $1.99 million; a fully renovated home on a 11,284-square-foot lot at 911 Seagate Drive for $1.8 million; and a home on a 10,731-square-foot lot at 919 Seagate Drive for $1.5 million.
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    August’s market statistics from the Realtors Association of the Palm Beaches and Greater Fort Lauderdale show a 7.9 percent year-over-year decrease in closed sales of single-family homes in Palm Beach County and a 7.9 percent increase in the median sales price to $340,000. The report showed a 4.7 percent year-over-year increase in closings for condominiums and townhomes and 9.4 percent increase in the median sale price to $175,000. Cash transactions decreased 2.3 percent to 499. 
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    An educational event, “Renegades of Real Estate,” on Oct. 20 and 21, hosted by David Dweck at the Renaissance Boca Raton Hotel, will feature speakers covering real estate investing, as well as offering entertainment and networking opportunities. Cost is $199. To register, call 391-7325 or visit www.RenegadesofRealEstate.com.

    Send business news to Christine Davis at cdavis9797@gmail.com.

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