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Joseph Keough Of Wood Partners Acquires Office Property In St. Petersburg For $22.5M

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SOLD
$22,500,000

Florida

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Office167,581 SF
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Property Image
SOLD

Joseph Keough Of Wood Partners Acquires Office Property In St. Petersburg For $22.5M

11101 Roosevelt Boulevard North

See Similar Deals
Office167,581 SF
Sold
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$134
Total Square Footage:167581 SF
Transaction Type:Sale

The office property located at 11101 Roosevelt Boulevard North in St. Petersburg encompasses 5.75 acres and comprises 167,581 square feet. The sale price for this asset was $22,500,000, equating to $134 per square foot. The property previously served as the headquarters for Bankers Financial Group.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $22,500,000
  • Buyer: Joseph Keough - Wood Partners
  • Seller: Jason E. Fox - WP Carey
  • Square Footage: 167,581
  • Price per Square Foot: $134
  • Acres: 5.75

Joseph Keough represents Wood Partners in the acquisition, while Jason E. Fox represents WP Carey as the seller. Wood Partners plans to demolish the existing structure and develop a new residential project known as Alta Roosevelt, consisting of 381 apartment units, with 153 units designated for tenants earning up to 120% of the area median income.

Players

Joseph Keough
Wood Partners
Joseph Keough
7 deals$608M volume
BUYER

Details

SOLD
IMAGE: Joseph Keough & Jason E. Fox DATE: 03/03/2026 ADDRESS: 11101 Roosevelt Boulevard North MARKET: St. Petersburg ASSET TYPE: Office ~ ACRES: 5.75 BUYER: Joseph Keough - Wood Partners (@WoodPartnersOfficial) SELLER: Jason E. Fox - WP Carey SALE PRICE: $22,500,000 SF: 167,581 ~ PPSF: $134 NOTE: Wood Partners acquired the 167,581-square-foot former Bankers Financial Group headquarters at 11101 Roosevelt Blvd. North in St. Petersburg for $22.5 million ($134.26 per square foot) from W. P. Carey.Wood plans to demolish the 5.75-acre office property and develop the 381-unit Alta Roosevelt apartment project, with 153 units reserved for tenants earning up to 120% of area median income.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,200,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$79,937.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,661.48
Annual Debt Service$1,279,937.75