The Cushman & Wakefield team, top row, left to right: Christopher Thomson, Chris Metzger and Rick Etner Jr. Bottom row, left to right: Mark Pateman, Matthew McAllister and Tara England. Courtesy photosCushman & Wakefield Closes $8M Sale of Shriners Temple in Palm Beach Gardens
The buyer plans a three-building, 220-unit independent senior living facility east of Interstate 95.
October 22, 2019 at 02:07 PM
2 minute read
A Cushman & Wakefield team from South Florida closed the $8.25 million sale of the Amara Shrine property in Palm Beach Gardens to a developer planning to build senior housing.
Amara Temple Holding Corp. Inc. sold the Shriners' 10.4-acre property Sept. 26 to an affiliate of the United Group of Cos. Inc., a Troy, New York-based developer of student housing and senior living communities.
Cushman & Wakefield executive directors Christopher Thomson, Chris Metzger and Rick Etner Jr. as well as director Matthew McAllister, managing principal Mark Pateman and director Tara England represented the seller.
Thomson, Pateman and England are based in West Palm Beach, and Metzger, Etner and McAllister are based in Boca Raton.
The property is east of Interstate 95 and southeast of RCA Boulevard and Dixie Highway at 3650 RCA Blvd.
The seller is affiliated with Amara Shrine Center, which is affiliated with the Amara Shriners, a charitable fraternity that supports the Shriners Hospitals for Children.
United Group plans to develop the $58 million Arcadia Gardens independent senior living facility with 220 units in three buildings at market rates, according to the project website.
Amara Shrine will move its 17,084-square-foot clubhouse from the site.
The deal allowed the developer to secure an infill site in a well-developed area, Thomson said.
"Infill sites offering development opportunity and exceptional access to the surrounding community, amenities and roadways are a rare commodity in the South Florida market," he said in a news release.
The deal breaks down to $793,269 per acre.
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