fbpx
Connect with us

Know

Real estate investors can get a stake in Feldman’s First Central Tower in downtown St. Pete

Margie Manning

Published

on

First Central Tower, one of three downtown St. Petersburg office towers in the Feldman Equities' portfolio

Feldman Equities is recapitalizing First Central Tower, a high-rise office building at 360 Central Ave.

The recapitalization opens opportunities for real estate investors to get an ownership stake in the property. It is one of just four Class A office buildings in downtown St. Petersburg, where top-quality office space is very tight.

“We’ve had this recapitalization planned for about a year and we’re very excited to go live tomorrow,” Mack Feldman, vice president at Feldman Equities, told the St. Pete Catalyst. “A longtime partner is transitioning to a focus on industrial assets and asked us to look at options for buying them out. We were able to secure a price discount after COVID, and given the building’s stable lease profile, realized it would be an attractive investment alternative to endless stock market volatility. So far we’ve received more interest on this raise than any other project we’ve marketed, so we’re hopeful we oversubscribe pretty quickly.”

First Central Tower at 360 Central Ave.

First Central Tower recently underwent a multi-million dollar renovation and is 95 percent leased with high-credit tenants, according to CrowdStreet, an online crowdfunding platform. Feldman Equities is partnering with CrowdStreet on the deal, and investors also can invest directly through the Feldman Equities website.

“We call this our ‘white label’ and it could become an important part of Feldman Equities’ future growth. We leverage CrowdStreet’s existing software so investors have a consistent experience no matter where they decide to invest. It also allows us to manage all of our investors from the same dashboard,” Feldman said.

The minimum investment is $25,000 and the offering is only available to accredited investors, generally people with earned income that exceeds $200,000 (or $300,000 together with a spouse) or with a net worth over $1 million.

Feldman Equities, one of the larger property owners in St. Petersburg, has crowdfunded other properties recently, including the Morgan Stanley Tower at 150 2nd Ave. N. and Castille at Carillon, two Class A office buildings in Carillon Office Park.

For First Central Tower, Feldman Equities is estimating a 15 percent internal rate of return for investors, and an equity multiple of 1.9 percent. The equity multiple is the ratio of investment returns to paid-in capital.

Feldman Equities will retain a controlling interest in the property, Feldman said.

To learn more about First Central Tower, click here.

Feldman Equities, headed by President and CEO Larry Feldman, together with partners, owns or manages over four million square feet of Florida office space. 

Continue Reading
Click to comment

Leave a Reply

The St. Pete Catalyst

The Catalyst honors its name by aggregating & curating the sparks that propel the St Pete engine.  It is a modern news platform, powered by community sourced content and augmented with directed coverage.  Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table.

Email us: spark@stpetecatalyst.com

Subscribe for Free

Share with friend

Please enter email address you want to share this article with