New Jersey investors add to local nursing home portfolio with St. Pete purchase
December 3, 2020 - The Portopiccolo Group, a family owned investment management firm in New Jersey, has bought Jacaranda Manor, a nursing home at 4250 66th St. N. in St. Petersburg. St. Petersburg Fl Propco LLC, an entity associated with Portopiccolo Group, acquired the property for $29.4 million on Nov. 24, according to a deed filed Wednesday in Pinellas County. The seller was an entity associated with DeFoor Brothers, a development company in Chattanooga, Tennessee. Jacaranda Manor, with 299 licensed beds, is the fifth nursing home in Pinellas County that Portopiccolo Group has acquired in the last few weeks. The company previously spent $37.7 million for four nursing homes in Clearwater, Oldsmar and Palm Harbor.