Limestone Asset Management Closes on Sale of Retail/Office Center

Miami FL

06 May, 2021

5:17 PM

Description

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.