One of downtown’s most popular blocks is officially up for sale. The commercial real estate firm Franklin Street announced that it is marketing for sale almost the entirety of the southern half of the 600 Block of Central Avenue in St. Petersburg.
Stretching from 654-670 Central Avenue, the block is currently occupied by restaurants and shops like Mangosteen, Colony Grill, Pacific Counter, Rocket Fizz, Maple Street Biscuit Company. The 15,848-square-foot property is being sold by its current owner, Miami-based Tricera Capital, and is being marketed as a “trophy asset” that is 100% leased.
Franklin Street noted in their announcement that structures on the property have recently received more than $500K in needed updates to roofing, lighting, electrical systems and more. There have also been extensive interior renovations as a result of recently-signed long-term leases. Those leases are part of the property’s desirability, according to the sale listing, “offering minimal landlord responsibilities, annual rent escalations, and strong lease guarantees.”
Marketing of the property is being led by the Franklin Street Retail Investment Sales Team of Anthony Suarez and Ryan Derriman. Their announcement touted the walkability and accessibility of the area, noting that there are more than 8,500 existing multifamily units in downtown St. Petersburg, with more than 9,000 additional units planned.
“This is a rare opportunity to acquire a fully occupied retail asset that is home to some of Downtown St. Pete’s most popular restaurants and shops, in a truly unbeatable location,” Suarez said in the announcement. “It’s such a true live, work, play environment and with so many new projects in the immediate area, it’s hard not to be excited about the future of Downtown St. Petersburg. There is a long runway ahead, particularly on Central Avenue, and we expect rents to continue to rise and property values to continue to appreciate.”
Stay tuned to I Love the Burg for more updates on this treasured block of downtown. The listing can be viewed here.
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