A weekly roundup of local real estate deals.
Kane’s Furniture properties go under a different entity
Several St. Petersburg area properties owned by local furniture retailer Kane’s Furniture are now under a different entity.
Kane Furniture Corporation sold four properties to Kanes Furniture LLC in a roughly $30.45 million deal.
Kane’s Furniture CEO Irwin Novack said the transaction was a simple entities swap and that he is involved in both entities.
The properties affected in the deal include Kane’s Furniture’s 338,134-square-foot corporate center and distribution center at 5700 70th Ave. N.; a store and furniture liquidation shop at 4601 34th St. N.; and two retail stores – one at 4501 34th St. N. and a second store at 21590 U.S. Highway 19 N. in Clearwater.
Kane’s was founded in 1948 in St. Petersburg, and is one of the oldest home furnishings businesses in Florida.
New Hotel Collection completes $27.5 million refinancing rounds
Pinellas County-based New Hotel Collection, the group behind the Cordova Inn development in St. Petersburg, refinanced a total of $27.5 million from the Western Alliance Bank.
The group pursued the refinancing for its flagship hotel in Indian Rocks Beach, which is one of several properties within the Harbourside Resort. The $15 million refinance replaced the first mortgage for the property and provides funding for operations.
The other refinancing round was for $12.5 million, to help accelerate the brand’s growth.
“With deep experience in the hospitality industry, our team has been closely watching the success of New Hotel Collection since its inception,” said Tracy Gaylord, Managing Director of Commercial Banking at Western Alliance Bank, where she is part of the Resort Finance group. “Seeing immense potential in the products NHC is bringing to market, which is being driven by their visionary executive team, we are very pleased to support the company’s short- and long-term growth goals.”
Nearly 50% of units at The Nolen sell
The Nolen, a 23-story boutique condominium tower under construction in downtown St. Petersburg, has nearly 50% of its 31 residences sold. The contract appointments began in November through listing brokerage firm Smith and Associates Real Estate.
“The sales pace has exceeded expectations, which allows for The Nolen to move ahead of schedule and towards construction,” Bowen Arnold of DDA Development said in a release.
The Nolen residences will be a half-block off Beach Drive in downtown St. Petersburg on 4th Avenue NE and Rowland Court NE.
Residences start at $1.5 million.
The Nolen development team finalized the land sale and secured construction financing in December. Plans for permits will be submitted this month and construction is expected to begin in the second quarter.
The Nolen project team includes DDA Development, Backstreets Capital, Place Architecture and Melissa Kelly Design Studio.
Glory Days Grill restaurant operator sells restaurant space
Nick Reader, the CEO and co-founder of the PDQ restaurant chain and owner of the Glory Days Grill Florida operations, has sold a Glory Days Grill restaurant site in St. Petersburg in a $4 million deal.
Reader is a partner of MVP Holdings, a firm owned by Outback Steakhouse partners Chris Sullivan and Bob Basham. The firm operates several restaurant chains including PDQ and Glory Days Grill.
Reader sold the property at 9900 4th St. N., which currently is home to a 6,317-square-foot Glory Days Grill restaurant, to WHC Holdings LLC.
WHC Holdings is connected to William Caflisch, a retired teacher from Manatee County, and real estate attorney Andrew Ford.
Prior to the site becoming a Glory Days Grill location, it was the site of a Bennigan’s restaurant.
Crunch Fitness officially opens
This week, the Crunch Fitness franchise has officially opened a massive gym in the Northeast Park Shopping Center.
The gym, called Crunch St. Petersburg, is a 40,280-square-foot facility that occupies a former Stein Mart box space.
Brandon-based CR Fitness Holdings LLC operates the gym at 218 37th Ave. N. in the Northeast Park Shopping Center.
The gym has $1 million worth of fitness equipment including equipment for a group fitness studio, a hot yoga studio, a cycling studio and body imaging equipment.
Home sells for $3.2 million
The waterfront estate at 7815 9th Ave. S. has sold in a $3.2 million deal.
Glenn and Cindy Larson sold the home in the Yacht Club Estates neighborhood to Louis Wintermeyer and Tanner Garland, according to Pinellas County records.
The nearly 4,000-square-foot home built in 2016 is at the end of a cul-de-sac.
The four-bedroom, five-and-a-half-bathroom home features wood flooring, expansive ceilings and large windows. Upstairs, there’s a library nook and three bedrooms.
The outdoor space includes a heated saltwater pool and a jacuzzi hot tub. There’s a 129-foot seawall with a new composite dock, catwalk and an extended seating area with a 30,000-pound boat lift that was installed in 2020.
The estate has a three-car garage that was designed to accommodate a car lift to hold additional vehicles.
Wintermeyer took out a $2.2 million mortgage loan from Bank of America for the purchase.