A weekly roundup of local real estate deals.
Neptune Flood buys property
Neptune Flood, a St. Petersburg-based insurtech company focused on flood insurance, has purchased the property at 2133 2nd Ave. S.
The property was used by Cheers! Events Inc., an event-planning company also based in St. Pete.
Cheers! Events Inc. sold the building to Neptune Flood in a roughly $1.43 million deal.
The building is a 5,940-square-foot general warehouse space that was built in 1950.
Neptune Flood CEO Trevor Burgess, previously the president and CEO of C1 Bank in St. Petersburg, declined to comment regarding the reason for the purchase–whether this is additional office space or a relocation.
Neptune Flood is currently based at 400 6th St. S. in St. Petersburg.
Neptune Flood was founded in 2016 by insurance and technology industry veterans Jim Albert and Bill Martin.
Today, it has more than 70,000 clients and 6,000 active insurance agents. It offers residential, commercial and residential condominium building flood insurance products as an alternative to those from the federal National Flood Insurance Program.
Earlier this year, Neptune Flood surpassed $20 billion in total insured property value.
Most recently, Neptune Flood acquired California-based Jumpstart Insurance Solutions, a leading parametric insurtech. The acquisition adds parametric earthquake to Neptune Flood’s portfolio of technology-based insurance products.
Dunedin CRA buys land for a potential parking garage
Dunedin Station Development LLC sold its downtown property to the City of Dunedin’s Community Redevelopment Agency, which has been eyeing the property as a site for a parking garage.
The property at 362 Scotland St. is at the corner of Douglas Avenue and Scotland Street.
The property is one block from Main Street and it’s on the Pinellas Trail.
“The city wants to preserve an option for future parking needs,” said Bob Ironsmith, director of economic development and the CRA.
The potential parking garage could reach three-story high and provide 100 to 155 parking spaces.
Tarpon Springs shopping plaza sells
A newly constructed 16,456-square-foot retail strip center in Tarpon Springs has sold for $7.45 million, or $452 per square foot.
Ally Tarpon LLC sold the plaza at 40545 US Highway 19 N. to Tampa-based Tarpon Springs HF LLC.
Franklin Street arranged the sale of the plaza. The property’s tenants include TGH (Tampa General Hospital) Urgent Care, Aspen Dental, Firehouse Subs and medical marijuana retailer Trulieve.
Franklin Street’s Ryan Derriman, Greg Matus, Adam J. Tiktin, Anthony Suarez and Jonathon De Maa, with the firm’s Retail Investment Sales Team, represented the seller, according to Franklin Street’s announcement.
The property is situated on 2.27 acres fronting U.S. Highway 19 and sees an average of 78,000 vehicles per day. The retail center was 89.38% occupied at the time of sale, providing upside through the ability to lease the remaining 1,747 square feet of space, according to Franklin Street.
‘Big blue house’ vacation rental home sells in auction
The three-story vacation rental property in Redington Shores known as the “big blue house” has a new owner.
The entity Big Blue House LLC, tied to Hostmarked Vacation Rentals and Management, sold the property at 17820 Lee Ave. in a $4.45 million deal with Cooper Street Management.
The 3,162-square-foot house, built in 1980, is located on a private beach and offers eight bedrooms and six bathrooms.
The Key West-style house has two units that connect to each other through the first and second floor. The two separate sides share a common patio. There a deck that wraps the entire rear of the property connecting the units.
It was being used as a rental vacation property. According to its description, the nightly/weekly rental property currently has an 83% rental rate at an average of $2,600 per night.
Net operating income is pacing for more than $575,000 this year.
Cooper Street LP took out a roughly $2.9 million mortgage loan from Walton Funding LLC for the home.
Hostmarked Vacation Rentals and Management said the transaction will not affect vacationers who booked a future stay, as it is merely a switch of ownership.
Clearwater hotel sells in $6.8 million deal
The Days Inn by Wyndham Clearwater/Gulf to Bay has a new owner.
Mega C Hospitality sold the 44-unit hotel at 2940 Gulf to Bay Blvd. in a $6.8 million deal to Prism One LLC, which is connected to Jay Patel.
The hotel was built in 1980 and has a heated pool and business center.
Prism One LLC also took out a roughly $2.1 million mortgage loan from First Home Bank.
St. Petersburg home built in 1925 has a new owner
The Mediterranean Revival-style home at 115 18th Ave. N. in St. Petersburg has sold.
Timothy Miller sold the home to 528 at the Lake LLC in a roughly $1.46 million deal.
The four-bedroom, three-and-a-half-bathroom home is nestled in Northeast St. Petersburg.
The 3,382-square-foot-home was renovated in 1988. The home is on a street that dead-ends at Sunken Gardens.
The two-story home features the original wood floors and a formal living room with a wood-burning fireplace and original mantel tile.
The home has a mudroom – adjacent is the laundry and studio, described as being “perfect for the artist, a home school area or quiet retreat.”
Outside, the home has a two-car garage and alley driveway that’s large enough to accommodate five cars.
It has an outside entertainment area that’s been used to host weddings and parties.
The home was listed by Karl Moeller with Coastal Properties Group.
Moeller said the person who purchased the home is moving from the Panhandle.
Treasure Island motel/apartments are acquired
A motel along the hotel and motel strip in Treasure Island has sold in a $1.4 million deal.
Casino Realty LLC sold the motel at 11295 Gulf Blvd. to Largo-based 10 Figure Development LLC.
The 10 Figure Development LLC group works in partnership with Tampa Commercial Group (TCG), which is one of the leading teams in the Keller Williams Commercial Division.