Treasure Island Hotels, Century Church and more • St Pete Catalyst
Two hotels on Treasure Island were sold to a single company. A century old church in the Old Northeast neighborhood is sold to a new owner who can find a suitable reuse for the property. St. Pete’s Walgreens stores are sold to a Miami business. A building used for light industry is now owned by an entity linked to the founder of a bag handling company based in Orland0, Orlando. A Raymond James executive sells it at his house.
Here is this week’s roundup of local real estate offers:
Treasure Island Hotels
The Thunderbird Beach Resort and the Tahitian Beach Motel in Treasure Island have both been sold to Surf Style Inc, based in Hollywood, Florida.
David King, Managing Member of Thunderbird Beach Resort and also President of Tahitian Beach Motel, sold the historic Thunderbird Resort at 10700 Gulf Blvd to Thunderbird TI Holdings LLC for $ 25.5 million.
The entity is related to Surf Style Inc., which is a retail chain that has a megastore in Clearwater Beach. He is also known for his FlowRider indoor surf machine. Surf Style does not currently operate any hotels, according to its portfolio, and did not respond to a request for comment.
The 31,100 square foot, four story beach resort was built in 1957 and has 64 units.
The second hotel, known as Tahitian Beach Motel, is less than a mile from the Thunderbird Resort.
Located at 10750 Gulf Blvd., the four story, 42 unit hotel is also located directly on the beach.
Previous owners were trying to renovate the 19,500 square foot motel, which has been in operation since the 1950s, and add an elevated pool and tiki deck.
However, at a Treasure Island city council meeting in March, the plans were rejected due to a city code limitation.
A century-old church
Westminster Presbyterian Church sold for $ 1.475 million.
The Centennial Church is located at the corner of 11th Avenue NE and 1st Street in the historic Old Northeast district.
Westminster Presbyterian Church consists of two plots of land, one with church ownership and the other with separate parking.
The property, owned by The Presbytery of Tampa Bay Inc., comprises seven lots on just over an acre of land in the Old North East. The building received historic historic designation by the City of St. Petersburg in 2020, which prohibits any demolition of the structure but provides for some adaptive reuse.
The buyer, 126 11th Acquisitions LLC, doesn’t have specific home improvement plans yet, but is working on a few different ideas, according to Smith & Associates Commerical Real Estate.
“The location and size of this property presented an incredible opportunity for a visionary buyer. It has the potential to be converted to multi-family units or upscale condominiums in the heart of one of St. Petersburg’s most desirable neighborhoods, and is a short distance from downtown St. Pete, ” said Patrick Calhoon, who represented the seller along with Chris Calhoon of the Calhoon Commercial Group of Smith & Associates Commerical Real Estate.
Illinois pharmaceutical retailer Walgreen Co. has sold two St. Pete properties to Limestone WGFL LLC.
One property is a 15,000 square foot Walgreens at 5405 66th St. N in an unincorporated area. It sold for $ 5.6 million.
The second property, which was sold the same day, is located at 7751 49th St. N in Pinellas Park. The 14,400 square foot building sold for $ 5.4 million.
Miami-based Limestone Asset Management was interested in these two Walgreens properties due to their long-term leases with high credit quality and the fact that they are located in Florida, a high-growth state, Ibrahim Al said. -Rashid, Chairman of Limestone Asset Management, at St. Pete Catalyst in a prepared statement.
“Limestone is constantly on the lookout for additional properties across the United States, with a focus on Florida. We are currently exploring other opportunities in and around St. Petersburg, ”Al-Rashid said.
The company plans to own the properties.
Light manufacturing building
Automobile Boulevard Properties LLC, based in Seminole, Florida, has sold its 36,361 square foot building used for light manufacturing to an Orlando-based entity.
The building at 12450, boul. Automotive. at Pinellas Park was sold to Orlando-based Storage TPA LLC. The LLC is related to Craig Mateer, Founder and Former CEO of Bags Inc., an Orlando-based baggage handling company that delivers luggage and bags from airports to hotels and resorts.
Bags Inc. was sold in 2018 for $ 275 million to a national parking conglomerate.
Raymond James Director’s House
Raymond James, vice president of investment banking, Dav Mosby, has sold his 4,015 square foot home in the Old Northeast neighborhood.
The five bedroom, three and a half bath home located at 915 17th Ave. NE was sold to Nebraska-based entity Shacari Inc. for approximately $ 2.37 million.
The Colonial-style home was built in the 1920s and has hardwood floors, crown moldings, and hand-carved wood frames on the doors and windows, as described.