Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Phillies’ Owners Grab $23M Distressed Retail Complex Near Stadium in Clearwater
Avison Young has completed the $22.5-million sale of a 134,362-square-foot, 13-acre retail property at 21800 US Highway 19 N in Clearwater, FL. The property was a distressed asset that went into bankruptcy.
The buyer, an affiliate of the Philadelphia Phillies baseball team, leases the adjacent city-owned BayCare Ballpark and control of the land affords the buyer the opportunity to plan for future redevelopment near the park, according to Avison Young.
Floor & Décor is currently the sole tenant and occupies 49% of the net rentable area with five years remaining.
“Buyers continue to look for different infill land opportunities where they can combine multiple uses on an underutilized property that may have traditionally operated as exclusively office or retail,” said Avison Young principal John K. Crotty. “We saw great value in the property beyond a straight-forward retail reposition, but as a full land redevelopment opportunity for various uses including multifamily, office and retail.”
- ◦Sale/Acquisition
