Third Lake Partners buys UPC’s HQ in St. Pete

The St. Petersburg-based United Insurance Holdings Corp. (Nasdaq: UIHC), doing business as UPC and winding down its presence in Florida, has sold its St. Petersburg headquarters. 

UPC sold its building at 800 2nd Ave. S. for $10.5 million to an entity connected to the Tampa-based investment advisory firm Third Lake Partners. 

The 40,588-square-foot building sold to TLP RE MF III Saint Petersburg I Owner LLC, which is linked to Rob Forsythe and Ken Jones of Third Lake Partners. 

Ken Jones, founder and managing partner of Third Lake Partners, told the St. Pete Catalyst the group has been interested in the site for several years as it’s in an ideal location, and the site is flexible in continuing to house the office building or potentially being redeveloped into multifamily and/or retail. 

“Overall, we are bullish on the Tampa Bay market as it continues to experience positive economic growth,” Jones said, explaining how the Florida market can weather changing economic conditions and continues to thrive with a growing population, income level and number of jobs. 

“Generally speaking, the strong Florida market is a result of good leadership and its business sector,” he said. 

UPC executives were not immediately available for comment regarding the sale. 

The expected sale of UPC’s HQ building comes after the company sold several of its parcels in St. Petersburg across from its headquarters earlier this year, and after it recently announced it would withdraw from operations and enter into an orderly run-off. 

Additionally, UPC reported in October that due to the aftermath of Hurricane Ian, it received approximately 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims in total with a gross estimated loss of $1 billion.