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Boston Capital LLC Acquires Section Of Tyrone Square Mall In St. Petersburg For $37.8M

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SOLD
$37,800,000

Florida

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Retail
Sold 09/21/2023
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Property Image
SOLD

Boston Capital LLC Acquires Section Of Tyrone Square Mall In St. Petersburg For $37.8M

2300 Tyrone Boulevard North

See Similar Deals
Retail
Sold 09/21/2023
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Transaction Type:Sale

A section of Tyrone Square Mall in St. Petersburg, including Dick's Sporting Goods and a potential grocery store space, was sold for $37.8 million. The buyer, Boston Capital LLC, obtained a $16.5 million loan from City National Bank of Florida. This sale highlights the growth and appeal of the area to investors.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $37,800,000
  • Date: 09/21/2023
  • Address: 2300 Tyrone Boulevard
  • Market: Saint Petersburg

The buyer, Boston Capital LLC, acquired the section of Tyrone Square Mall. They secured a $16.5 million loan from City National Bank of Florida to facilitate the purchase.

Players

Andrea Olshan
Seritage Growth Properties
Andrea Olshan
7 deals$178.4M volume
SELLER
City National Bank of Florida
City National Bank of Florida
LENDER

Details

SOLD
IMAGE: Andrea Olshan DATE: 09/21/2023 ADDRESS: 2300 Tyrone Boulevard MARKET: Saint Petersburg ASSET TYPE: Retail BUYER: Boston Capital LLC SELLER: Seritage Growth Properties - Andrea Olshan (@andrea.olshan) LENDER: City National Bank of Florida (@citynationalbankofflorida) SALE PRICE: $37,800,000 NOTE: A section of Tyrone Square Mall in St. Petersburg, including Dick's Sporting Goods and a potential grocery store space, was sold for $37.8 million to Boston Capital LLC. The buyer obtained a $16.5 million loan from City National Bank of Florida, and the sale underscores the area's growth and attractiveness to investors.

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

$2,016,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$134,295.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$179,191.28
Annual Debt Service$2,150,295.42