Places This Week: St. Pete assisted living complex sells for $29M

A weekly roundup of local real estate deals. 

Grand Villa of St. Pete complex sells 

The 120,784-square-foot Grand Villa memory care and assisted living center in St. Petersburg has sold in a $29 million deal. 

The VS St. Pete LLC entity sold the four-story complex at 3600 34th St. S. to Inspired Senior Living of St. Petersburg DST, which is connected to Arizona-based Inspired Healthcare Capital, a senior housing and health care real estate investment fund.

Last year, Inspired Senior Living spent $61.5 million on acquiring assisted living properties in Dunedin, Pinellas Park and Largo.

The 192-unit St. Pete center features private and semi-private studios and one-bedroom apartments. 

The services include housekeeping, laundry and prepared meals. The complex, constructed in 1971, also has a swimming pool, a movie theater, a putting green and a tennis court. 

The buyer took out a roughly $7.1 million mortgage loan from Webster Bank National Association.

Shopping plaza sells for over $9 million 

A shopping plaza in Palm Harbor is under new ownership. 

The shopping plaza at 3223 Tampa Road, Palm Harbor. 

The Shoppes at Cloverplace, located at 3223 Tampa Road, has fetched $9.233 million in a sale. 

Highland Lakes sold the 54,600-square-foot complex to an LLC connected to Hallandale Beach-based One Global Property Management. 

The seven-acre shopping strip’s tenants include Pint and Brew, the Mystic Fish restaurant, Positano’s Ristorante, Sweet Caroline’s Bakery & Cafe, Salon Lofts and boutique retail stores.

The buyer took out a $7.6 million mortgage loan from Southstate Bank.

Pinellas Park flex space trades hands

Odessa-based investment brokerage and management company Alliance Exchange has sold a 42,457-square-foot industrial property in Pinellas Park.

The industrial property at 5300 Ulmerton Road, Pinellas Park. 

The group sold the building, located at 5300 Ulmerton Road, in a $5.2 million deal to JCM Pinellas LLC, an entity connected to ProSource Flooring, an Orlando-based flooring company. 

The building includes a 16,440-square-foot office/showroom, a 1,320-square-foot mezzanine and a 26,017-square-foot flexible warehouse space.

The buyer took out a $4.16 million mortgage from Fifth Third Bank.

Indian Rocks Beach restaurant sells

The RickDaddy’s Eatin’ Fresh restaurant at Indian Rocks Beach has hooked a sale.

RickDaddy’s Eatin’ Fresh restaurant. 

The Aqua Prime Real Estate group sold the properties at 214 1st St. and 215 Gulf Blvd., which is the site of the restaurant, to Suntrust Development LLC in a $2.1 million deal. 

In April, the business owners announced on Facebook they sold their lease and closed the restaurant. 

Suntrust assumed a $1 million mortgage from the seller.

Future townhome community sells 

St. Petersburg-based HP Capital has sold a site in Largo where it was planning to construct 58 townhomes.

Texas-based homebuilder D.R. Horton purchased the property in a $6 million-plus deal. The forested development site is located on the corner of Ulmerton Road and 125th St. N. near Heritage Village and the Florida Botanical Gardens. 

The subject property located on the corner of Ulmerton Road and 125th St. N. in Largo. Image: HP Capital.

HP Capital Group, the seller, is the same development group behind Reflection, a luxury 18-story condominium tower underway at Mirror Lake. 

The group recently acquired a residential community adjacent to the Sawgrass Apartments, located on the corner of 78th and 76th Avenue North in Pinellas Park. 

St. Pete mobile home park sells 

The Palm Circle mobile home community at 6978 46th Ave. N. in St. Petersburg has sold in a $3.425 million deal. 

Orlando-based Ivie Lane, which is a family-owned property management firm focused on acquiring and operating mobile home parks, purchased the 55-and-older residential community. 

Ivie Lane also owns the Villa Plumosa and The Park on 46th mobile home parks in St. Petersburg.