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Places This Week: Retirement community sells for $41.5M; Marina switches hands

Veronica Brezina

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The Fountains at Boca Ciega Bay. GoogleMaps.

A weekly roundup of local real estate deals. 

 

Well-known assisted living community is under new ownership 

Ohio-based Welltower, which provides real estate capital to leading seniors housing operators, has purchased The Fountains at Boca Ciega Bay. 

The Fountains at Boca Ciega Bay. Facebook image.

 
 
Watermark Boca Ciega Bay Owner LLC sold the retirement community at 1255 Pasadena Ave. S. to Welltower Inc. (NYSE: WELL) in a roughly $41.5 million deal. 

The Fountains at Boca Ciega Bay, owned by Watermark Retirement Communities, is a retirement community that offers independent living, assisted living and memory care. 

The 434,005-square-foot development has studios, one-bedroom apartments and two-bedroom suites. 

The 14-acre community, built in 1973, offers services and amenities such as a beauty salon, a barbershop, a wellness center, a fitness center, a waterfront heated outdoor pool, a private fishing pier and guest accommodations.

Welltower, the buyer, has a significant portfolio amounting to over $4 billion, which includes the acquisition of a portfolio of 85 seniors housing properties previously owned by Holiday Retirement for $1.58 billion, according to the company’s third-quarter results. 

 

Marina in Clearwater switches hands 

The Cove Cay Marina in Largo has sold to Clearwater-based Samole and Associates PLLC in a $3.1 million deal. 

Samole and Associates is tied to two local attorneys, Adam Samole and Alex Mindrup, according to public records. 

The marina offers wet and dry boat storage and marine fuel sales on a floating dock.

Cove Cay Marina in Clearwater. GoogleMaps.

The marina at 1300 Cova Cay Dr. is adjacent to Marine Max. 

Samole and Associates assumed a $2.925 million mortgage from the owner, R3 Holdings LLC. 

 

Building where Mother Kombucha operates sells 

The 41,324-square-foot building that Mother Kombucha operates in has a new owner. 

Tampa-based Laurel Ridge Investment Management LLC bought the property at 4360 28th St. N. from HHH Construction Management LLC in a $3 million deal. 

Mother Kombucha will continue to operate in the building and plans on expanding its physical footprint within it. 

The St. Pete-based business is known for its locally brewed kombucha and other products, which are available in Publix and through other retailers. 

Tonya Donati, the founder of Mother Kombucha, has recently launched a kombucha-infused sparkling water line, which landed on the shelves as a test product at Rollin’ Oats last May, and has since been added to the Publix and Amazon inventory. 

 

Macy’s call center sells 

A real estate investment and management company that’s known for acquiring vacated properties once used by Macy’s has scooped up another property – the Macy’s call center in Clearwater.

The 160,000-plus-square-foot call center in Clearwater. Loopnet.

California-based LBA Realty bought the 34-acre Clearwater facility at 13141 34th St. North in a roughly $17.9 million deal from Macy’s Credit and Customer Services Inc. The facility is next to a building that Seattle-based Amazon anchors, and is across from Raymond James’ headquarters. 

LBA Realty owns and operates over 9 million square feet of office space in the major markets. LBA Realty is the same company that purchased the Macy’s furniture gallery and warehouse property at 4130 W. Gandy Boulevard in late 2020 for $32 million.  

Read the full story here. 

 

Kriseman taps Midtown Development to redevelop the Trop site 

St. Petersburg Mayor Rick Kriseman has selected the Midtown Development team to redevelop the 86-acre Tropicana Field site – one of the largest catalytic projects in the city’s history.  

The city received a total of seven proposals earlier this year from which Kriseman selected two proposals for the Trop site – Midtown and Sugar Hill. 

“I choose Midtown Development for many reasons. When I compared the two finalists, side-by-side, they had the best proposals and, equally important, they had the resources to get this done,” Kriseman said. 

Midtown Development’s pitch calls for new office space, a mix of tiered affordable housing options, a hotel, retail development and – notably – an expanded Booker Creek and designated areas for artists. The current plan totals an investment ranging from $2.7 to $3.8 billion.

Midtown Development has plans that do include a stadium and also one that does not in the event the Rays leave St. Petersburg. 

Read the full story here.

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