Places This Week: New townhomes planned; Third Lake buys hotel

A weekly roundup of local real estate deals.

Palm Grove Inn sells 

Palm Grove Inn at 711 3rd Ave. S. in St. Petersburg has sold for $6.35 million.

F212 Holdings LLC sold the 28,548-square-foot complex to TLP RE MF VI Saint Petersburg III Owner LLC. The buyer is connected to Tampa-based real estate investment advisory firm Third Lake Partners. 

Palm Grove Inn. GoogleMaps.

The acquired 74-unit hotel property first opened 1932 as Hotel Ritz. 

Third Lake Partners recently purchased UPC’s parcels in St. Petersburg and owns other properties. 

J Square and Backstreets Capital buy property 

J Square Developers and Backstreets Capital, which are spearheading the $80 million Orange Station project in downtown St. Petersburg, have purchased two parcels.  

David C. Gross Funeral Home. GoogleMaps.

The duo bought a vacant parcel on Central Avenue, used as surface parking, and the parcel at 6366 Central Ave. in St. Petersburg, which currently houses a funeral home and cremation center. 

They purchased the parcels under the Central Oaks Townhomes LLC from FPG Florida for $1.45 million. 

Will Conroy, founder and president of Backstreets Capital, said the plans are preliminary, but they envision a townhome development at the site. 

The building on the property would remain and would go undergo renovations. It would ultimately serve a new tenant. The townhomes would be built around the building, similar to how the Canopy Oaks townhome development on Dr. MLK Jr. St. is built around an office structure, Conroy explained. 

“We love the Central Avenue corridor and the SunRunner is a big boost to the area as we are seeing development pushing to the west side,” Conroy said. 

The townhome concept may also be similar in design to the Canopy Oaks project and will likely have nine marketrate units. 

The developers received over $1 million in financing from Climate First Bank for the purchase. 

Wendy Giffin with Cushman and Wakefield represented the seller. 

Largo apartment complex sells 

The Breezy Palms apartment complex in Largo has been scooped up for $6.325 million. 

Southbound Management sold the complex at 1500 West Bay Dr. to RJC Breezy Palms LLC. 

Breezy Palms. GoogleMaps.

The complex has 14 one- and two-bedroom units. 

The buyer took out a $3.9 million loan from Fairwinds Credit Union. 

Oldsmar commerce center building sells 

The 85,000-square-foot building in Oldsmar’s Mears Commerce Center has a new owner. 

The 35-acre industrial business park is home to over 40 businesses that offer services in construction to machinery manufacturing, according to the park’s website.