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Places This Week: Dunkin’, Panda Kitchen and Bath, Harbor at Town Center
There’s a new owner for the St. Petersburg property housing a Dunkin’ Donuts. A kitchen and bath remodeler plans a warehouse in Seminole. A lender provides funding for a luxury condo project at Madeira Beach Town Center.
Here’s this week’s roundup of local real estate deals.
34th Street retail
Belleair Development Group has added another retail property to its St. Petersburg portfolio. BDG 700 LLC, an entity associated with Belleair Development, bought the nearly 4,000-square-foot property at 700 34th St. N. that is home to a Dunkin’ Donuts and Joyful Nails & Spa.
BDG paid $1.4 million in a deal that closed on Feb. 10, according to a deed filed in Pinellas County. The seller was a local operator, said Anthony Suarez, senior associate at Franklin Street. Suarez and Ryan Derriman were the listing agents.
The property was fully leased at the time of the sale, Suarez said.
“St. Pete is an exciting market with a lot to look forward to. That location made it an attractive deal,” Suarez said. Not only is the site surrounded by national retailers, but development on Central Avenue continues to push west. “Once everything happens at the Trop, it’s a great location to have.”
This is the second deal for Belleair in St. Petersburg in recent weeks. The company bought a strip shopping center at 1425 4th St. N. in January and is remodeling it for medical use. Belleair owns several other commercial properties throughout St. Petersburg and Pinellas County.
Former Sears Outlet gets a new life
Panda Kitchen and Baths, a south Florida-based home remodeling firm, has bought the former Sears Outlet store at 4600 Park St. in Seminole.
Panda paid $4.1 million for the property on Feb. 3, a deed filed in Pinellas County shows.
Panda plans to use the nearly 150,000-square-foot facility as a warehouse, said Kelan Wang, a manager at the company’s retail store in Tampa. He expects to hire between 20 and 40 new employees once a renovation is completed in a couple of months.
The current tenant, American Freight, will relocate, Wang said.
Madeira Beach Town Center
Trez Capital closed a $15.61 million construction loan for The Harbor at Town Center, a luxury condominium development underway in Madeira Beach.
The project, on a 4.25 acre waterfront site at 300 150th Ave., will have 38 condos totaling 60,228 square feet and a pool. The units are 66 percent pre-sold, which was a key factor for Trez Capital, said Brett Forman, executive managing director, eastern U.S.
The Harbor at Town Center
“That gives the lenders comfort that these new higher-priced units will sell. There will be a demand,” Forman said. He also likes the developer, Town Center B Development LLC, an entity associated with William Karns Enterprises.
The condos are part of a broader development that is bringing two new hotels, retail space, restaurants and new parks to the beach community.
Trez Capital is a private real estate lender that does business throughout North America.
Senior housing
Welltower Inc., a Toledo, Ohio-based real estate investment firm focused on senior housing, has bought HarborChase of Palm Harbor at 2960 Tampa Rd. Welltower bought the property for $26.2 million on Feb. 8, according to Pinellas County property records. The seller was Healthpeak Properties, an Irvine, California-based REIT. HarborChase, with 128 units, is an assisted living center that offers dementia care, memory care and respite stay.
