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New Jersey investment group pays $37.7 million for four Pinellas nursing homes

Margie Manning

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Photo by Cristian Newman on Unsplash

The Portopiccolo Group, a family-owned private equity and investment management firm, acquired four nursing homes in north Pinellas County, paying a total of $37.7 million for the properties.

Next Healthcare Capital in New York City sold three of the homes — West Bay of Tampa, Sunset Point and Bay Tree Center. The fourth property, Glen Oak Health and Rehabilitation Center, was sold by an entity affiliated with Halcyon Rehabilitation in White Plains, New York. The deals closed in the days before Thanksgiving, according to deeds recorded on Nov. 23.

The Portopiccolo Group, based in Englewood, New Jersey, has a portfolio of properties leased to skilled nursing operators, according to its website. The company said it buys distressed assets and other “value-add” projects and turns them profitable.

Simcha Hyman, Portopiccolo Group co-founder and CEO, did not respond to a request for comment.

The Covid-19 pandemic has raised risks about congregate living. But demographics, particularly aging baby boomers and longer life expectancies, are seen as a positive trend for nursing homes, along with a steady stream of Medicare reimbursements.

Here’s a closer look at the four properties Portopiccolo Group acquired, based on Pinellas County deeds, property records and the Florida Health Finder website.

• West Bay of Tampa, 3865 Tampa Rd., Oldsmar. 120 licensed beds, 39,000 square feet. Built in 1982. Sale price: $12 million

• Glen Oaks Health and Rehabilitation Center, 1100 N. Pine St., Clearwater. 76 licensed beds, 23,000 square feet. Built in 1961. Sale price: $11.2 million

• Sunset Point, 1980 Sunset Point Rd., Clearwater. 120 licensed beds, 38,000 square feet. Built in 1980. Sale price: $8.4 million

• Bay Tree Center, 2600 Highlands Blvd. N., Palm Harbor. 120 licensed beds, 39,000 square feet. Built in 1981. Sale price: $6.1 million

In a separate deal, Wickshire Senior Living, a Brentwood, Tennessee-based healthcare company, acquired an assisted living center at 3141 McMullen Booth Rd. in Safety Harbor for $9.3 million. Wickshire bought the property on Nov. 1 from Healthpeak Properties, an Irvine, California-based real estate investment trust. The facility, formerly Atria Countryside, is now named Wickshire Countryside. It has 119 licensed beds and 80,000 square feet.

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