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Places This Week: Bayfront, Greenview Manor, Largo mansion

Margie Manning

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9887 4th St. N. is in for a revamp.

Bayfront Health buys land in west St. Petersburg. A northside office building is in for a revamp. A mansion in Largo sells for the highest price in 15 months, while an affordable housing community near downtown St. Pete changes hands.

Here’s this week’s roundup of real estate news.

Bayfront looks west

Bayfront Health St. Petersburg bought the former Pinellas County tax collector’s office at 1800 66th St. N. The property includes a 34,329-square-foot office building and adjacent land. Bayfront paid $6.55 million for the property in a deal that closed March 12, according to a deed filed in Pinellas County.

The property consists of 4 acres and is located about a quarter mile from Tyrone Square Mall.

 

“The acquisition is in support of expanding Bayfront Health St. Petersburg’s health and wellness services for the community,” a spokesman for Bayfront said.

The tax collector’s office moved to 2500 34th St. N. last year.

Office revamp

Commercial real estate investor John Gerlach added to his Gateway area holdings with the purchase of Gateway Corporate Center at 9887 4th St. N. in north St. Petersburg.

The three-story, 44,800-square foot office building sold for $4.2 million on March 11, county property records show.

Gerlach likes the location, at the on-ramp to the Gandy bridge and convenient to almost anywhere in Tampa Bay. He also likes the long-term prospects for the building, which has floor plates that allow for accommodating all kinds of office configurations. That kind of flexibility is needed as companies consider their prospects post-Covid.

The building currently is about 65 percent occupied. Gerlach plans a rebrand, starting with the exterior and then an interior update, bringing it up to a Class B+ or A- building, he said.

Gerlach is managing director, investment services, at Colliers International Tampa Bay.

Largo mansion

A 17,599-square-foot home at 14275 Siesta Rd. in Largo sold for $9.85 million on March 15. The listing agent, Martha Thorn with Coldwell Banker Realty-Belleair & The Beaches, said she believes it is the highest residential sale since January 2020 in the Tampa Bay area.

14275 Siesta Rd. (Photo credit: realtor.com)

The four-bedroom, five-and-a-half bathroom home is on a four-and-a-half acre lot fronting the Intracoastal Waterway.

Affordable housing

Greenview Manor Apartments, an affordable housing complex with 53 apartments for low-income seniors at 1212 Burlington Ave. N., sold for $6.5 million on March 17.

The buyer, Greenview Manor Senior Apartments LLC, is associated with Capital Realty Group, a Spring Valley, New York-based private equity real estate group that focuses on affordable housing, with more than 15,500 apartments in 27 states.

The seller, American Opportunity for Housing, a non-profit organization, bought and redeveloped Greenview Manor in 2007 using $650,000 in state housing funds. Capital Realty told city officials it would pay off the $484,052 balance owed, according to a resolution approved by the St. Petersburg City Council in February, approving the deal.

The deal is structured so that a nonprofit associated with Capital Realty will maintain control of the property, the resolution said.

Clearwater offices

Genet Property Group has bought another Clearwater property.

Genet bought Bay Vista Office Park, with five buildings totaling about 135,000 square feet at 5500 Rio Vista Dr., 5665 Rio Vista Dr., and 5735 Rio Vista Dr.  The company paid $14.6 million in a deal that closed March 16.

Genet Property Group, a south Florida based commercial real estate firm, bought Waterside Business Center in Clearwater last month.

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