Tyrone Square Mall retail center sells in $37M+ deal

A shopping center at the Tyrone Square Mall in St. Pete, anchored by a Dick’s Sporting Goods and a shuttered supermarket, has sold in a $37.8 million transaction. 

Seritage SRC Finance, which is connected to Seritage Growth Properties, sold the center at 2300 Tyrone Blvd. to Boston Capital LLC. The complex, located on the north side of the mall, also houses a PetSmart and a Five Below store.  

The deal closed Sept. 21, according to a report from Tampa Bay Business and Wealth. Daniel Diaz Leyva, an attorney with the New Jersey-based law firm Day Pitney, facilitated the closing of a $16.5 million acquisition loan in connection with the sale. 

The deed has not yet published in Pinellas County records. 

The Dick’s Sporting Goods store next to an entrance of the Tyrone Square Mall in St. Petersburg.

Boston Capital primarily focuses on buying and managing multifamily housing assets. The firm has invested over $1.6 billion and owns dozens of apartment complexes throughout Florida. 

The sale comes after grocer Aldi made plans to take over the shuttered 28,605-square-foot Hitchcock’s Green Market space at 6765 22nd Ave. North. 

Prior to Alachua County-based Hitchcock’s Green Market operating at the location before closing shop in 2022, the building housed a Lucky’s Supermarket, which closed in 2020. 

Seritage Growth Properties has sold other properties it once owned in St. Pete. 

In 2022, the group sold the 6,000-square-foot Chili’s restaurant at 2200 66th St. North to Four Corners Property Trust (NYSE:FCPT) for roughly $2.6 million. 

FCPT is among the nation’s leading owners of the restaurant and retail real estate, and its portfolio includes restaurant real estate properties where franchises such as Chili’s, Buffalo Wild Wings, Arby’s, Texas Roadhouse, Olive Garden and others operate.

In 2021, Seritage sold a 120,620-square-foot former Kmart-occupied retail building in Kenneth City in a $6 million deal to Fuqua Development. 

After Fuqua Development acquired the plaza, it secured niche grocer Sprouts and home decor retailer At Home as new tenants.