Investment firm purchases Ford’s Garage retail space downtown

Miami-based real estate investment firm Torose Equities has acquired prime commercial real estate in rapidly developing downtown St. Petersburg. 

Founder Scott Sherman told the Catalyst that his firm purchased the 9,700-square-foot space at 200 1st Ave. S. for $6.125 million. Nostalgic burger and beer joint Ford’s Garage anchors the property. 

The restaurant, an official Ford Motor Company licensee, will remain at the location. Aji Ceviche Bar, an upscale Peruvian-fusion concept, will move into the space formerly occupied by British-themed pub Yeoman’s Cask and Lion. 

“Look, it’s a great location,” Sherman said. “You’re like a block from Central Avenue. We have onsite parking, which is essential.” 

Torose partnered with RKG Holding and HSH Holdings Co. to purchase the space. The property is adjacent to the McNulty Parking Garage, which sits below the McNulty Lofts. 

“Parking is a little scary downtown,” Sherman added. “So, having a parking garage obviously helps.” 

New construction will exacerbate those issues but fuel the corridor’s long-term growth. Sherman noted the strategically positioned site is less than a quarter-mile from the nearly complete Residences at 400 Central and a block from the recently announced Waldorf Astoria Residences. 

Sherman called the fully-leased property a stabilized, cash-flowing asset in a market undergoing a “major transformation.” He spent the past “seven or eight years” identifying opportunities in the city with a previous real estate investment firm. 

Tricera Capital has bought and sold multiple retail properties in St. Petersburg, including 31,000 square feet of ground-floor commercial space at the Camden Central development. Sherman left the company to launch Torose in 2022 and maintains a passive investment in some legacy St. Petersburg assets. 

Tampa-based 23 Restaurant Services, parent company of Ford’s Garage, bought 200 1st Ave. S. for $3.9 million in 2016. Sherman said the company will lease the location from Torose, and Ford’s Garage will remain in St. Petersburg, “at least for the immediate future.” 

“I think they (23 Restaurant Services) wanted to focus their capital more on their primary business, which is not real estate,” he explained. “They’re actually going to downsize slightly. So, they’re kind of right-sizing their space.” 

Sherman said his team began discussing expansion opportunities with Freddy Zubieta, owner of Orlando-based Aji Ceviche, throughout the acquisition process. He called Zubieta a good operator  with a great product. 

Zubieta launched Aji as a food truck in 2015 and opened his first brick-and-mortar location in 2018. The restaurant now has locations in Tampa, Sarasota, Casselberry and Orlando. 

Aji offers 15 ceviche variations, several unique seafood dishes and sushi. “I live in Miami – there’s a lot of good Ceviche, Peruvian concepts and things like that. But there really isn’t a lot of that in downtown St. Pete,” Sherman said. “So, I think they’re (Aji) actually filling a void in this market for the consumer.” 

Sherman said Aji would occupy about 3,500 square feet at 200 1st Ave. S. While the restaurant could open as soon as this summer, he noted Zubieta must still secure permitting and build out the space. 

Torose paid about $631 per square foot for the property. Sherman called that a “great buy” due to the quality of tenants and downtown’s growth trajectory.

He pledged that Torose will continue looking for additional opportunities in St. Petersburg and throughout Tampa Bay. “We’re really bullish on that whole area,” Sherman said. 

RKG Holdings founder Rahul Gupta said in a prepared statement that his firm focuses on commercial real estate investments in “high-growth markets with strong demographics.” He also believes in the site’s long-term return on investment potential.

“This property checks all those boxes, and I’m thrilled to contribute to the continued evolution of downtown St. Pete,” Gupta added. “I’m excited to partner with Torose and HSH on this high-quality asset in one of the most vibrant downtown markets in the Southeast.”