A weekly roundup of local real estate deals.
Retail storefronts list on 600 Block
Storefronts along downtown St. Petersburg’s 600 Block are listed for sale.
The listing includes the storefronts from 654-670 Central Ave. The 15,848-square-foot property spans the entire southern half of the 600 Block.
The strip is home to Mangosteen, Pacific Counter, Maple Street Biscuit Company and Colony Grill.
The Franklin Street Retail Investment Sales Team of Anthony Suarez and Ryan Derriman were selected by the current owner, Miami-based Tricera Capital, to exclusively market the trophy retail asset for sale.
The current tenants are in long-term leases, Suarez said. For example, Pacific Counter’s lease is effective until 2025.
Suarez said Tricera Capital, which owns multiple properties in St. Petersburg, listed the retail strip to capitalize on the market while interest rates are still within reach.
An asking price is not listed for the retail strip and the owner will be not doing a call for offers, Suarez said, explaining they may entertain offers presented to them.
Over $500,000 has been invested into the renovations of the building’s infrastructure, including a new fire sprinkler main, roofing, new HVAC, new electric alcove, new electrical mains and new awnings with lights and electrical, according to the listing.
New artist gallery in The Factory
Bula Barua, owner of Bula Barua Gallery, has executed a lease for her new gallery at The Factory St. Pete.
Barua is a mixed-media artist, actress and published author. She has created her own style of fine art called Luxury Fine Art – Blown Glass on Canvas.
She creates multi-dimensional pieces by combining materials such as Swarovski crystals, 24-karat gold, silver, crushed mica, precious gems and high-end resins onto the canvas.
“The Factory felt like it was a synergistic place with an amazing network of artists,” Barua said, also stating how The Factory reminded her of galleries in New York with its concrete floors and exposed pipes, creating an industrial-modern design.
Melissa Mihok, commercial real estate specialist at Barkett Realty, represented Barua on the lease agreement for the 2,105-square-foot space at 2622 Fairfield Ave. S.
Barua previously leased gallery space on 2nd Street N. The former space was in an upscale area; however, Barua wanted to operate a gallery in a sought-out art destination.
The space also allows Barua to showcase her larger works.
A grand opening in planned for November.
Tailwater Outfitters to move to Clearwater
Tailwater Outfitters, a retailer primarily specializing in fishing gear and watersport accessories, will build a new warehouse and store in Clearwater.
Founded in 2016 by several anglers, Tailwater Outfitters filed a stormwater permit application for the new 12,500-square-foot office and retail tackle shop at 2300 State Road 580. The site is home to car rental and auto service center businesses, as well as two residential duplexes.
The structures will be demolished.
Doug Norris of D and D Strategic Holdings LLC said Tailwater Outfitters will be relocating from its 4,000-square-foot shop in Palm Harbor to the new site.
Roughly 8,000 square feet of the new Clearwater building will be utilized as retail space, while the remaining square footage will be used for offices and warehouse storage.
“It was time to expand. We are going to give residents in North Pinellas a new shop,” Norris said.
The group closed on the property in July in a $3.8 million deal, according to public records.
Norris hopes the new shop will open in April 2023.
New York group buys 83-acre Clearwater business park
New York-based Zenith Industrial Outdoor Storage has purchased the Sunshine Industrial Park in Clearwater in a $27.5 million deal.
The Sunshine Industrial Park includes seven fully leased warehouses, which total 219,000 square feet, and approximately 30 acres of undeveloped land.
The purchase was part of a joint venture with JP Morgan. The seller was HSS Partners.
Pat Kelly and Brad Hutton of Franklin Street brokered the transaction on behalf of the buyer in an off-market deal.
“While many of the institutional players active in the market are drawn toward new development and Class A logistics centers, Zenith IOS saw the value-add potential in acquiring an existing property within a land-constrained market, and maximizing a non-traditional income stream through the outdoor storage component,” Kelly said in Franklin Street’s news release.
Estate sells for $5.75 million
A 5,000-square-foot estate in the Bayway Isles community has sold for $5.75 million.
Last month, the estate at 6101 51st St. S. was said to be under contract.
Ben Franklin Cagle III and Amber Brandon Cagle listed the home with an asking price of $6.29 million.
Vonda Golub with Keller Williams St. Pete Realty represented the sellers.
The five-bedroom home was built in 2015 and features arched solid wood interior doors, 10-foot ceilings, hand-made Mexican tiles and handcrafted wood floors throughout, according to the listing.
The waterfront home is also outfitted with windows and doors designed to withstand hurricanes. Outside, there’s an oversized heated saltwater pool and spa, and a dock with a 13,000-pound boat lift.
The estate last sold for $3.2 million in 2021.
Deleon Sheffield with the Deleon Sheffield Company LLC represented the buyer.
The buyer took out a roughly $4 million loan from JP Morgan Chase Bank.