A hotel in Treasure Island was sold to a single company. A 100-year-old church in the Old Northeast neighborhood is sold to a new owner who can find adaptive reuse for the property. Walgreens stores in St. Pete are sold to a Miami company. A building used for light industrial now belongs to an entity tied to a founder of an Orlando-based bag-handling company. A Raymond James executive sells his home.
Here’s this week’s roundup of local real estate deals:
Treasure Island hotel
The Thunderbird Beach Resort in Treasure Island has sold to Hollywood, Florida-based Surf Style Inc.
David King, the managing member of Thunderbird Beach Resort who is also listed as the president of Tahitian Beach Motel, sold the historic Thunderbird resort at 10700 Gulf Blvd to Thunderbird TI Holdings LLC for $25.5 million.
The entity is tied to Surf Style Inc., which is a retail chain that has a megastore in Clearwater Beach. It’s also known for its FlowRider indoor surfing machine. Surf Style does not currently operate any hotels, according to its portfolio, and did not respond to a request for comment.
The 31,100-square-foot, four-story beachfront resort was built in 1957 and has 64 units.
The Thunderbird has a secondary building immediately to the north of their main building, which was owned by an entity called Tahitian Treasure Island LLC.
This entity is legally separate from the current owners of The Tahitian. They were formerly all owned by King; however, he sold The Tahitian to Ray and Lisa Rapchack.
A 100-year-old church
The Westminster Presbyterian Church has sold in a $1.475 million deal.
The 100-year-old church is located at the corner of 11th Ave. NE and 1st St. in the historic Old Northeast neighborhood.
The Westminster Presbyterian Church consists of two parcels of land, one with the church property and the other a separate parking lot.
The property, owned by The Presbytery of Tampa Bay Inc., encompasses seven lots on a little over one acre of land in the Old Northeast. The building had a landmark historic designation placed on it by the city of St. Petersburg in 2020, which prohibits any demolition of the structure but does provide for certain adaptive reuse.
The Buyer, 126 11th Acquisitions LLC, does not have any specific plans for renovations at this time but is working on a few different ideas, according to Smith & Associates Commerical Real Estate.
“The location and size of this property presented an incredible opportunity for a visionary buyer. It has the potential for conversion to upscale multi-family or condominium units in the heart of one of St. Petersburg’s most sought after areas, and is just a short distance to downtown St. Pete,” said Patrick Calhoon, who represented the seller along with Chris Calhoon of the Calhoon Commercial Group of Smith & Associates Commerical Real Estate.
The Illinois-based pharmaceutical retailer Walgreen Co. sold two St. Pete properties to Limestone WGFL LLC.
One property is a 15,000-square-foot Walgreens at 5405 66th St. N in an unincorporated area. It sold for $5.6 million.
The second property, which sold on the same day, is at 7751 49th St. N in Pinellas Park. The 14,400-square-foot building sold for $5.4 million.
Miami-based Limestone Asset Management was interested in these two Walgreens properties because of their long-term leases with high credit quality and that they are in Florida, a high-growth state, Ibrahim Al-Rashid, chairman of Limestone Asset Management, told the St.Pete Catalyst in a prepared statement.
“Limestone is constantly seeking additional properties across the entire United States, with a focus on Florida. We are currently exploring other opportunities in St. Petersburg and the surrounding area,” Al-Rashid said.
The company plans to hold the properties.
Light manufacturing building
Seminole, Florida-based Automobile Boulevard Properties LLC sold their 36,361-square-foot building used for light manufacturing to an Orlando-based entity.
The building at 12450 Automobile Blvd. in Pinellas Park was sold to Orlando-based Storage TPA LLC. The LLC is tied to Craig Mateer, who was the founder and former CEO of Bags Inc., an Orlando-based baggage-handling company that delivers luggage and bags from airports to hotels and resorts.
Bags Inc. sold in 2018 for $275 million to a national parking conglomerate.
Raymond James exec’s house
Raymond James Vice Chairman of Investment Banking Dav Mosby has sold his 4,015-square-foot home in the Old Northeast neighborhood.
The five-bedroom, three-and-a-half bathroom home at 915 17th Ave. NE was sold to Nebraska-based entity Shacari Inc. for roughly $2.37 million.
The colonial-style home was built in the 1920s and has hardwood floors, crown molding and hand-carved wood casing on the doors and windows, according to its description.