Limestone Asset Management Closes on Sale of 23,031-Square Foot Retail and Office Center in St. Petersburg to Local Investor for $5.3 Million
ST. PETERSBURG, Fla., May 10, 2021 /PRNewswire/ -- Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, closed on the sale of a 23,031-square-foot retail and office center for $5.3 million on May 3, 2021. Located at 1914 4th Street North, St. Petersburg, FL, the retail and office center includes an Outback Steakhouse and Panera Bread.
Mark Shellabarger and Ari Ravi of CBRE facilitated the sale on behalf of Limestone Asset Management. The property was sold to a local investor, Ben Mallah, of Equity Management Partners, Inc.
The property is one hundred percent leased to six tenants, providing the buyer a stable cash flow from established tenants and significant upside potential in below-market rents in one of St. Petersburg's iconic commercial properties.
Fourth Street North is the major commercial corridor on this side of St. Petersburg and home to a variety of national and local retailers and service providers. The center is prominently located across the street from Sunken Gardens, in the middle of the coveted residential neighborhoods of Old Northeast, Uptown, Crescent Heights and Snell Isle, and just north of Downtown St. Petersburg. The area has experienced tremendous residential and commercial growth in the last five years, making it one of Tampa Bay's most active downtowns.
Limestone Asset Management is an affiliate of Orion Real Estate Group. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.
"We are very pleased with the sale of this retail and office center, as we have added a lot of value to the property since we first purchased it in June 2016 for $2.9 million," said Ibrahim Al-Rashid, chairman of Limestone Asset Management. "St. Petersburg is growing and continues to be a desirable market for real estate investors, even during the COVID-19 pandemic."
"After executing a national/international marketing process and generating multiple offers, both local and out of area, we moved forward with Mallah who was in a 1031 exchange and liked the short- and long-term outlook of the asset due to its tenant mix and location," says Shellabarger.
"Even though we are still in the middle of the COVID-19 pandemic, investors are optimistic about real estate as an investment, especially the Tampa/St. Petersburg market due to the growth we are currently experiencing," according to Ravi.
About Limestone Asset Management: Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. For more information, visit https://orionmiami.com/our-affiliates/.
About Orion Real Estate Group: Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Orion Real Estate Group is led by President Kevin Sanz. Its headquarters are located at 200 S. Biscayne Blvd, 7th floor, Miami, FL 33131. For more information, visit https://orionmiami.com/ or call (305) 278-8400 or 1-888-255-4502.
About CBRE Group, Inc.: CBRE Group, Inc. a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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SOURCE Limestone Asset Management
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