Thrive
Three retail properties on Central Avenue sold
The buildings are home to Enigma, the Candle Pour and Sweetgreen.
Three mixed-use retail properties on the 1100 block of Central Avenue now have a new owner.
Dallas-based investment firm 90Ten acquired the three-story 1110 Central Ave., home to the bar Enigma; two-story 1122-1128 Central Ave., where the Candle Pour is located; and 1114 Central Ave., which is occupied by the restaurant Sweetgreen. The properties were purchased from PTM Partners Wednesday for an undisclosed amount.
The properties are located in EDGE Collective development in the EDGE District, which includes the recently opened Moxy Hotel. The project has a second phase planned, which will include over 350 multi-family rental units and additional retail space.
“Urban core real estate is really important to us,” said 90Ten managing partner Tripp Russ. “Central Avenue is an important market for us to focus on because we feel like we can really contribute to that neighborhood a lot given our experience, background and relationships.”
The deal has been in the works for only a few months. Once Russ and his colleagues were informed that the properties were on the market, they made a decision “very quickly.”
“We love markets like Central Avenue where you can buy an asset like this, and it’s very embedded into the community and the neighborhood,” Russ explained. “We always want to do right on behalf of these trade areas where we are buying real estate. This checked a lot of boxes for us.”
The team is in talks with national and local retailers to fill out remaining vacancies. “We’d love for the tenants that are there today to be there long-term,” he added. Additionally, 90Ten does not plan to redevelop the site.
Founded in 2023, 90Ten is a private equity firm designed for commercial real estate brokers. The company’s model allows brokers to have a stake in deals they help create. Russ was a broker himself before he founded 90Ten.
He explained that firm is investing heavily in Florida and Texas real estate. The team is “excited” about the Tampa-St. Petersburg market and “actively working” on acquiring additional properties in the area.
The purchase is 90Ten’s first in the Tampa Bay market and follows the recent acquisition of an asset on South Congress Avenue in Austin, Texas.
