Posterity Real Estate Holdings Acquires Office Building In St. Petersburg For $8.75M
1700 66th Street North
$8,750,000
$111/SF
Building Size
78,205 SF
Asset Type
Office
Closing
Dec 11, 2025
AI
The asset involved in the transaction is a five-story office building named Tyrone Tower, located at 1700 66th Street North in St. Petersburg. The building has a total square footage of 78,205 and was sold for a price of $8,750,000, translating to a price per square foot of $112.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,750,000
- Buyer: Posterity Real Estate Holdings
- Seller: Kennedy Investments
- Brokers: Jason Teabout & Julie Mastry - Smith & Associates Real Estate
- Square Footage: 78,205
- Price Per Square Foot: $112
- Market: St. Petersburg
- Current Lease Status: 88.6% leased, primarily to medical and professional tenants
Jason Teabout and Julie Mastry from Smith & Associates Real Estate represented the seller, Kennedy Investments, in this transaction. Posterity Real Estate Holdings has plans for a Class A repositioning of the property following the purchase.
Players
Saint Petersburg Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.81%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93