A Miami based real estate investment firm, Torose Equities, acquired retail space at Modera St. Petersburg (201 17th St. S.), a 20-story, luxury, mixed-use community developed by Mill Creek Residential. The retail space Torose Equities acquired totals 14,000-square-foot mixed-use retail space (the entire ground level of the Modera).
The Modera intersects three of St. Pete’s most robust areas: the EDGE District, Grand Central District, and the Warehouse Arts District, as well as being adjacent to the Historic Gas Plant redevelopment project, positioning Torose Equities in a burgeoning area that will increase with pedestrian traffic and businesses.
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“We’re thrilled to continue our long-standing investment in St. Petersburg, one of Florida’s most vibrant and rapidly growing urban markets,” says Scott Sherman, Founder and Principal of Torose Equities.
The Acquisition follows broader investment strategy in St. Pete
The acquisition of the retail space at Modera follows Torose Equities’ broader investment strategy in the ‘Burg. Since 2017, and prior to the inception of Torose Equities, the firm’s founders have acquired 15 properties, totaling 300,000 square feet of rentable space in St. Pete. The 14,000 square feet of retail space at Modera is poised to attract a healthy mix of premier tenants including restaurants, retail, and services.
Torose Equities’ press release states: “The retail component features two spaces divisible into up to eight units, with 17- to 21-foot ceiling heights, 290 feet of frontage along the Pinellas Trail, and 14 dedicated parking spaces.”
“Torose plans to leverage its market knowledge and tenant relationships to curate an optimal tenant mix that will capitalize on the robust and growing population, visitation, and economic momentum in St. Petersburg.”
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