United Group bought the Amara Shrine Center property in Palm Beach Gardens for $8.3 million, with plans to build a senior living facility.
The Troy, New York-based company bought the 10.4-acre property at 3650 RCA Boulevard for $790,230 per acre, according to a press release. Amara Temple Holding Corporation, Inc. sold the property.
The land was re-zoned by the buyer during the contract entitlement period. The property currently houses the Amara Shrine Center’s 17,084-square-foot clubhouse and exterior storage, according to the release.
Cushman & Wakefield’s Christopher Thomson, Chris Metzger, Richard F. Etner Jr. and Matthew G. McAllister, along with Mark L. Pateman and Tara England, represented Amara Temple Holding Corporation, Inc. in the sale.
The property is near I-95, State Road A1A Alternate and PGA Boulevard. It was last purchased in 1976 for $120,000, records show.
United Group of Companies plans to build 220 apartments for tenants ages 55 and older. The apartment complex will be called Arcadia Commons and will have one-, two- and three-bedroom apartments. Amara Shrine Center will be relocating its clubhouse and meeting space to a new location, according to the release.
United Group has projects in upstate New York, Georgia, Florida, California and Massachusetts.
Palm Beach Gardens is seeing more interest from out-of-state investors.
New York Life Insurance Co. bought The Financial Center at the Gardens in late July for $71.8 million, in one of the Palm Beach County’s largest office sales of the year.
Late last year, Brookfield Asset Management paid nearly $218 million for the PGA National Resort & Spa in Palm Beach Gardens, marking the largest hotel sale in South Florida in 2018.