Limestone Asset Management Divests from St. Petersburg Retail Center for $5M
Miami-based Limestone Asset Management, as part of a joint venture with Orion Real Estate Group, has divested from a 23,031-square-foot retail and office center in St. Petersburg for $5.3 million. Mark Shellabarger and Ari Ravi of CBRE represented Limestone Asset Management in the sale. The property was sold to a local investor, Ben Mallah, of Equity Management Partners Inc.
Located at 1914 4th Street North, the retail and office center includes an Outback Steakhouse and Panera Bread. The property is fully leased to six tenants.
“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 at Limestone Asset Management. “St. Petersburg is growing and continues to be a desirable market for real estate investors, even during the COVID-19 pandemic.”