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.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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