Here’s the St. Pete Catalyst’s resolution for 2021: Bring our readers everything they need to know about real estate deals and developments in St. Petersburg and Pinellas County.
We’re getting ready to roll out a new section, Place, that will be your go-to source for local real estate news, including in-depth discussions with industry sources about trends, news stories about projects and roundups of recent transactions, called “Places This Week.”
Here’s this week’s roundup.
Biggest home sale of 2020
Last week, we told you the most expensive home sale in 2020 in Pinellas County was a home in Belleair Bluffs that sold for $9 million on Dec. 18. But it turns out that on Dec. 30 — one day after our story published — a deed was filed in Pinellas County showing a home at 802 Druid Rd. in Clearwater sold for $9.3 million. The home, overlooking Clearwater Harbor, is on 3.5 acres. It includes a 16,000+ square foot main house with 10 bedrooms, eight full bathrooms and five half-bathrooms, as well as a 5,000 square foot guest house with six bedrooms, five full bathrooms and two half-bathrooms, according to realtor.com.
Pinellas County property records indicate the structures were built in 1915.
Nashville investor buys St. Pete apartments
Covenant Capital Group in Nashville bought Brandywine Apartments, a 477-unit complex at 1699 68th St. N. in St. Petersburg. Brandywine Multifamily Partners LLL, an entity associated with Covenant, paid $55.3 million for the property, according to a deed filed Dec. 28. The seller was GMC Properties in Jacksonville, which bought the apartment complex in 2012 for $25 million. Covenant Capital acquires apartment communities in excellent locations at a discount to their replacement cost, and aims to improve them through a strategy dedicated to focused management and renovation, according to the company’s website.
Covenant also bought Swan Lake Apartments, a 640-unit apartment community at 3303 N. Lakeview Dr. in Tampa, for $82.5 million, according to Connect Florida commercial real estate news.
Dunedin marina sells for $22 million
Marker 1 Marina at 343 Causeway Blvd. in Dunedin has a new owner.
Equity LifeStyle Properties (NYSE: ELS), through an entity called MHC Marker 1, bought the marina for $22 million on Dec. 30. The marina, at 343 Causeway Blvd, has 150 wet slips and more than 300 high and dry racks, according to its website.
Equity LifeStyle Properties is a real estate investment trust that primarily owns manufactured home communities and RV resorts, as well as marinas.
Melitta plant trades hands
FSC Industrial V, an entity associated with Four Springs Capital Trust, bought the headquarters for Melitta North America at 13925 58th St. N. for $10 million.
Melitta, which makes coffee filters and accessories at the Clearwater site, has a right of first refusal on a lease at the site, according to terms of a deed filed Dec. 23.
The property includes a 106,000-square-foot light industrial plant.
Four Springs, in Lake Como, New Jersey, is a real estate investment trust focused on acquiring, owning and actively managing a portfolio of single‑tenant, income producing industrial, medical, office, and necessity retail properties throughout the United States that are subject to long‑term net leases.
The seller, Clearwater Investors, had owned the property since 1999, when it paid $6.9 million for it.
Across the Bay
The former Big Top of Tampa Flea Market site at 9250 E. Fowler Ave. in Thonotosassa sold for $6.6 million to LIV Development, a Birmingham, Alabama company that plans to build a 292-unit multifamily community on the 32-acre site. The deal was arranged by Nancy Surak, a senior land advisor and managing broker for Land Advisors Organization Tampa Bay, who represented Big Top.
Surak previously represented Huntley Properties in the sale of about 20 acres in Pinellas Park to LIV Development. LIV is building a 249-unit apartment community at 7950 Park Blvd.