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Places This Week: FedEx’s St. Pete distribution hub sells for $94.5M, new tenant for Edge

Veronica Brezina

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The distribution facility at 1950 102nd Ave. in St. Petersburg. JLL image.

A weekly roundup of local real estate deals. 

 

FedEx distribution center in St. Pete sells

A FedEx-occupied distribution center in St. Petersburg has sold for $94.5 million to an entity referred to as Maps 1950 102 Avenue LLC. 

The 236,976-square-foot facility at 1950 102nd Ave. was sold by Indiana-based Scannell Properties, according to county records. 

Jones Lang LaSalle Americas Inc., known as JLL Capital Markets, represented Scannell.

FedEx has occupied the space since it was first built in 2017.

The property is on roughly 63 acres along Interstate 275. It is expandable by 75,000 square feet and features a 30-foot clear height, 61 dock-high doors, according to JLL. 

“The investor interest for long-duration industrial assets within infill markets in Florida is unprecedented,” Luis Castillo, managing director of JLL Capital Markets Investment Sales and Advisory, said in a JLL release.

The buyer took out a $56.7 million mortgage loan from Standard Chartered Bank for the purchase. 

 

Tricera refinances buildings in 1100 Block, prepares for additional tenant

Tricera Capital, a Miami-based real estate firm that has made significant investments in downtown St. Petersburg, has refinanced $7.6 million for two buildings in the 1100 Block near Tropicana Field.  

An image of the 1100 Block buildings that Tricera Capital has refinanced through Berkadia. Berkadia image.

The buildings in the Edge District Tricera used the refinancing for were the Central Arcade building that houses several small businesses and the adjacent building that houses the Latin restaurant Bodega. 

The building at 1180 Central Ave. where the Bodega restaurant is located. GoogleMaps.

Tricera refinanced through New York-based Berkadia, a commercial loan provider formed through a joint venture of Berkshire Hathaway and Jefferies Financial Group. 

“By refinancing, Tricera is paying off its existing mortgage and this gives them money for future, potential improvements,” said Berkadia Associate Director Alec Fox. 

The two buildings total 28,524 square feet. 

The Bodega building is fully occupied, while the Central Arcade building has one vacancy. 

The building at 1114 Central Ave. where Central Arcade is located. GoogleMaps.

However, a new tenant is slated to go into that space. Scott Sherman, principal at Tricera, said the space would be filled by a national restaurant chain, but he could not disclose further details.  

Fox said the tenant “would be a great asset to Central Avenue.” 

Tricera is also the group that bought 15,000 square feet of ground-floor retail space in Camden Central’s 15-story apartment building, which was formerly known as the Icon Central building

 

Red Mesa Mercado building has a new owner 

The 3,115-square-foot building that houses Red Mesa’s Mercado concept has sold. 

Booker Creek Venture Inc. sold the building to HH Properties Group II LLC in a $1.7 million deal. 

Red Mesa Mercado at 1100 1st Ave. N. GoogleMaps.

A general manager at Red Mesa said the restaurant will continue operating as usual. Red Mesa will remain there. 

HH Properties took out a $1.3 million mortgage loan for the property. 

Red Mesa’s Mercado concept features an urban drive-by dining style, where customers can eat outside or simply pick up meals. 

Red Mesa’s other locations include Red Mesa Cantina, at 3rd Street South, and the original Red Mesa restaurant at 4th Street North. 

Red Mesa first opened in 1995. In 2009, the group opened Red Mesa Cantina in the heart of downtown St. Petersburg and later opened Red Mesa Mercado in the Edge District. 

The restaurant was founded by Peter and Shawn Veytia.  

 

St. Pete Beach home sells in a historic $8.2 million deal  

A nearly 5,000-square-foot home at 2701 Sunset Way in St. Pete Beach has sold in an historic $8.2 million sale. 

Located on a secluded corner lot in Pass-a-Grille, the three-story home belonged to Richard and Jill Cope. Richard Cope is the former CEO of Arvida Realty Corp. The Copes have multiple properties and previously sold property to ConnectWise Co-founder and former CEO Arnie Bellini. 

The home at 2701 Sunset Way in St. Pete Beach. It’s located on a secluded corner lot in Pass-a-Grille.

“This is the highest price single-family home ever sold in St. Pete Beach per square foot,” said Donna Miller with Coldwell Banker Realty. Miller represented the Copes. 

The price per square foot in the three-bedroom home breaks down to $1,645.

Images of the home reveal features such as a $250,000 Chihuly glass art chandelier in the entryway. There is also a spiral staircase that encircles a see-thru glass/bronze elevator.

Read the full story here. 

 

Dollar Tree is scooped up for nearly $9 million 

The building at 1765 Gulf to Bay Blvd., used as a Dollar Tree store, has sold for roughly $8.94 million. 

Gulf to Bay Boulevard Clearwater LLC sold the 14,960-square-foot retail building to Trason Odessa LP.

The buying entity traces back to New York-based Trason Global Realty and Hotel Management LLC. 

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2 Comments

2 Comments

  1. Dick Pierce

    Dick Pierce

    November 6, 2021at7:06 am

    Thanks very much for this article and for the format – a short set of articles on recent R.E. Transactions, with good pictures for the week or so. This is first one I’ve seen – I hope it is a regular – and hope that you’ll continue to include, even focus, on “affordable housing for all St Pete residents.” Appreciated,

    Dick Pierce, a resident of St Pete – very sensitive re: affordable [<30% income] housing for all St Pete residents…

    • Veronica Brezina

      Veronica Brezina

      November 6, 2021at8:28 am

      Thank you, Dick. Yes, it is a regular story we do every week that publishes on Friday. I like to include a mix of deals from the priciest to ones that are very interesting.

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