John Catsimatidis Leases 45000 SF Office Space To Shirl Penney At 400 Central Avenue
400 Central Avenue
Building Size
45,000 SF
Asset Type
Office
Closing
Jun 24, 2025
About this deal
AI
The property involved in the transaction is an office asset located at 400 Central Avenue in St. Petersburg. It encompasses a total of 45,000 square feet of office space and is part of a 46-story mixed-use project that includes 301 condominiums and is nearing completion.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Lease agreement
- Landlord: John Catsimatidis - Red Apple Group
- Tenant: Shirl Penney - Dynasty Financial Partners
- Market: St. Petersburg
- Date of Transaction: 06/24/2025
This lease agreement indicates that Dynasty Financial Partners plans to occupy the entire 45,000 square feet of office space within John Catsimatidis' building, with intentions for opening in the following year. The agreement results in full office occupancy for the mixed-use development.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93