Tricera Capital has completed an extensive renovation of 1110 Central Ave., a historic commercial building in the EDGE District.
The company freshened the building’s exterior and did a gut renovation of the two upper floors, creating nearly 8,000 square feet of modern office space with open floor plans. Those top two floors, which can be customized for tenant buildouts, are now available for lease, the company said. Full-floor tenants also have the opportunity to secure prominent signage in multiple locations on the building.
There’s been speculation about the future of commercial real estate office space as more employees work from home during the Covid-19 pandemic. But Scott Sherman, Tricera co-founder and managing principal, said the renovated 1110 Central Ave. building is positioned perfectly for the post-Covid era.
“Companies are increasingly looking to occupy full-floor office spaces with their own bathrooms and common areas to limit exposure to others. The building, with two entire floors available to be leased individually, is a great fit for a broad range of creative and entrepreneurial tenants,” Sherman said.
Tricera bought the property in October 2018 for $4.5 million, according to Pinellas County property appraiser’s records. The company spent at least $570,300 in updates, based on permits filed with the city of St. Petersburg.
Tricera, a Miami-based real estate investment firm, has a portfolio of more than 10 properties in downtown St. Petersburg. The company considers downtown St. Petersburg as a market with untapped potential. It identified several underperforming assets prior to entering the market and moved quickly to acquire and reposition the properties, attracting quality tenants and driving rent growth.
“Downtown St. Petersburg is experiencing tremendous office growth, fueled by increased residential density and out-of-town companies relocating their corporate headquarters from New York and other markets,” said Ben Mandell, Tricera cofounder and managing principal.
Tricera’s Justin Lustig is overseeing leasing at the 1110 Central Ave. building. He can be reached at firstname.lastname@example.org