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Limestone Asset Management, in a joint venture with Orion Real Estate Group, closed on the sale of a 23,031-square-foot retail and office center in St. Petersburg, Florida, for $5.3 million. The property was then sold to local investor, Ben Mallah, of Equity Management Partners, Inc, and will be leased to six tenants, providing buyers with stable cash flow and significant upside potential of low-market rents in one of St. Petersburg’s iconic commercial properties, according to a press release.
Mark Shellabarger of the Coldwell Banker Richard Ellis (CBRE) real estate group facilitated the sale on behalf of Limestone Asset Management. “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,” Shellabarger stated.
Fourth Street of St. Petersburg has seen remarkable residential and commercial growth in the past five years, making it one of Tampa’s most active downtown areas. Now it is home to a variety of national and local retailers and service providers. The center of this hub is prominently located across the street from Sunken Gardens, in the middle of a coveted residential neighborhood.
Ibrahim Al-Rashid, chairman of Limestone Asset Management, said, “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.”
"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," stated Ari Ravi of CBRE, who also helped facilitate the sale on behalf of Limestone Asset Management.