Bridgewater Commercial in the News
Bridgewater’s Dumke Sells Gateway Industrial Building for $2.85M
ST. PETERSBURG, Fla. (March 19, 2021) – Bridgewater Commercial Real Estate announces the sale of 12105 28th Street North, a 20,572-square-foot office/warehouse for $2.85 million or $139 per square foot.
“The buyer, Blue Water 6, LLC is getting a Class A flex building in St. Pete’s Gateway District, just minutes from I-275 and less than 15 miles to either Pinellas International or Tampa International Airport,” listing broker Kris Dumke said. The building includes three loading docks and a drive-in bay and includes 5,000 square feet of office space.
The new owner will relocate its headquarters to the facility. The company offers packaging solutions for some of the biggest names in the restaurant business. PinoMedical Inc. was the seller.
The Gateway area in north St. Petersburg includes more than 2,700 businesses and 60,000 employees. A workforce population of more than 700,000 people live within a 30-minute drive.
Bridgewater’s Huntington Sells South-Central St. Pete Warehouse
ST. PETERSBURG, Fla. (March 10, 2021) – Bridgewater Commercial Real Estate announces the sale of 4116 Eighth Ave. South, a 3,528-square-foot free standing air-conditioned warehouse for $371,000 or $105 per square foot. The building sports two 1,750-square-foot units with grade level doors and 14-foot ceilings.
“Small warehouses are in huge demand in St. Petersburg. This is a nice property in a growing area of the city – just south of downtown, near all the happenings in the Arts Warehouse District and close to U.S. 19 and I-275,” the buyer’s agent Dan Huntington said.
The Bank of Tampa’s Chad Wommack handled the financing for the Buyer, All The Things St Pete LLC.
Bridgewater’s Patty Huntington sells Treasure Island condo
TREASURE ISLAND, Fla. – (March 8, 2021) Bridgewater Commercial Real Estate announces the sale of a one-bedroom, 1-bath condominium, just steps from public beach access, in Treasure Island.
The 580-square-foot-unit at 9715 Harrell Ave. #31, built in 1975, was under contract in 15 days. Residential Investment Broker Associate Patty Huntington was the listing agent. The condo sold for $172,000.
Treasure Island, a local favorite, is known for its bars and restaurants, gulf-front hotels, and beautiful beaches. Treasure Island Beach was just named the 16th best beach in the United States, according to Trip Advisor.
Bridgewater Commercial completes 5 lease deals so far this month
ST. PETERSBURG, Fla. (Feb. 11, 2021) – Bridgewater Commercial Real Estate has been active in February, securing two industrial lease transactions, a pair of retail leases and one medical office transaction.
Bridgewater’s Kris Dumke, Laura Guroian, Dan Huntington, and Dee Maret were the agents involved in these transactions:
- Huntington, who represented the landlord and the industrial tenant, leased 11,000 square feet at 1509 49th St. in Gulfport. The new tenant provides engineering and design services for the recreational marine industry.
- Dumke, who represented the landlord and the industrial tenant, leased 1915 13th Ave. in St. Petersburg. The new tenant is a building contractor.
- Guroain, representing a relocating church tenant, was able to secure a more desirable Largo retail location for its membership at 152 8th Ave. SW.
- Maret, who represented both the landlord and tenant, leased 5108 Gulfport Blvd. in Gulfport to a retail smoke shop with multiple locations in West Central Florida.
- Huntington represented both the landlord and the tenant for a medical office space at 715 49th St. in St. Petersburg. The new tenant is a massage therapist.
Bridgewater Commercial’s Dumke sells St. Pete industrial property
ST. PETERSBURG, Fla. (Jan. 19, 2021) – Bridgewater Commercial Real Estate announces the sale of a 3,444 square-foot office-warehouse property at 1915 13th Ave. N., near Downtown St. Petersburg. It closed for $490,000 or $142 per square foot.
Kris Dumke, Bridgewater’s managing broker, represented the buyer “1915 13th Avenue LLC.” Ned Willis, of Vector Commercial, was the listing agent for “Dune Shores LLC.” The distribution facility was built in 1940 on a quarter-acre lot and includes a fenced yard.
“St Petersburg has a limited amount of industrial zoning, our client realizes the potential of this property’s ‘IT’ zoning as St Petersburg’s population continues to grow.” Dumke said.
Although the South Pinellas industrial market generally has an aging inventory and property sizes are below the Tampa Bay area market average, this location near downtown and I-275 was quite desirable to the buyer. Inventory remains low in the submarket, vacancy rates are under 5%, and the annual rent growth is a robust 5.6 percent.
Bridgewater Commercial’s Shane Billings leases Lutz office space
LUTZ, Fla. (Jan. 13, 2021) – Bridgewater Commercial Real Estate announces an office lease transaction for 17703 Hunting Bow Cir.
Shane Billings, the listing agent, secured the tenant in fewer than 90 days. The modern office space, built in 2009, includes five offices, a reception area, and a large conference room.
The Lutz office market, north of Tampa, has seen rising vacancy rates over the past year. However, experts believe office deals will pick up as many users turn to suburban markets and will exit costly downtown spaces as Tampa Bay area office workers begin to return to the workplace as the nation recovers from the pandemic.
Bridgewater Commercial’s Maret Sells 3 lots in Gulfport
GULFPORT, Fla. (Jan. 8, 2021) – Bridgewater Commercial Real Estate announces the sale of three single-family residential lots totaling approximately ½ acre for $440,000. The individual lots sold for $135,000, $150,000, and $155,000.
The adjacent lots are located at 51st Street S. and 23rd Ave. S., close to several newly constructed homes. One of the sold parcels includes an existing 520-square-foot studio.
Dee Maret CCIM, was the sole real estate associate involved in the 3 transactions. The seller was Richard R. Yarrington. Maret also represented Yarrington in the sale of two duplexes at 2217 and 2221 51st St. S. in September 2020.
Conceptual retailer Greenslate Studio inks lease in Seminole
SEMINOLE, Fla. (Jan. 4, 2021) – Bridgewater Commercial Real Estate announces the completion of a 3-year lease transaction of approximately 1,150 square feet of retail space at 8460 Seminole Blvd.
The new tenant, Jaise Rizzo, CEO and designer of Greenslate Studio, recently returned to his hometown of Clearwater after a 9-year stint in the fashion and apparel industry in Los Angeles. Partnering with his brother Nick Rizzo, the pair plans to bring a new wave to the area. A fuse of natural and coastal vibes, the brothers’ boutique offers a unique experience — a transparent work studio viewable for customers to feel a part of the creative process. Greenslate Studio plans to open its doors this spring.
“This conceptual experience is something we’ve been planning on for a long time. The clothing is carefully curated surf-streetwear, vintage apparel, accessories and footwear. Beyond clothing, it allows the everyday person, who may love keeping up with their favorite brands on social media, the opportunity to see behind the scenes as to what all goes into the everyday grind of a brand or designer. I don’t think I’ve seen this kind of thing anywhere else, ” Jaise Rizzo said.
The nicely updated space is near the popular Seminole City Center and other national retailers along Seminole Boulevard, a busy north-south roadway that draws approximately 37,000 daily motorists.
Bridgewater Broker-Associate Dee Maret CCIM was the sole agent involved in the transaction. Betty J. Savoretti Trust is the landlord of the 4,180-square-foot property that also includes a nail salon and 5 storage units.
Bridgewater’s Patty Huntington sells $1.130M Pass-A-Grille home
ST. PETE BEACH, Fla. – (Dec. 11, 2020) Bridgewater Commercial Real Estate announces the sale of a three-bedroom, 3-bath beach home, just steps from public beach access, in historic Pass-A-Grille.
The 2,022-square-foot-home at 104 23rd Ave., built in 1938, was under contract in just seven days. Residential Investment Broker Associate Patty Huntington was the listing agent. The home sold for $1.130 million.
Pass-A-Grille, a small beach community at the southern end of St. Pete Beach is known for its restaurants, quaint hotels, fishing, boating and some of the best sunsets on the planet.
Bridgewater Commercial’s Kori Billings Earns CCIM Designation
TAMPA, Fla. (Nov. 17) – Kori Billings, CCIM, received the coveted Certified Commercial Investment Member (CCIM) designation from the CCIM Institute on Monday.
Billings, a commercial associate with Tampa Bay-area based Bridgewater Commercial, was among the 12 commercial real estate professionals who earned the designation by passing the CCIM Institute’s comprehensive examination, the capstone element in the designation process.
“I’m so proud of Kori. The CCIM designation, earned during this worldwide pandemic, truly shows her commitment to her clients and our industry. I feel so fortunate to be associated with such a dedicated and successful professional,” said Kris Dumke, Bridgewater Commercial’s broker.
Billings specializes in representing buyers, owners and tenants of office and retail properties. Additionally, she is Bridgewater’s exclusive Business Broker, with sales in restaurant, day care and equipment rental businesses.
Billings’ clients get the added value – not only of her CCIM education – but also an analytical perspective with her eight years of experience as a Florida Real Estate Appraiser.
To earn the CCIM designation, commercial real estate professionals must complete more than 160 hours of case-study driven education covering topics such as interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis, and ethics in commercial investment real estate. Candidates must also compile a portfolio demonstrating the depth of their commercial real estate experience.
CCIMs average 42% more transactions annually than a typical brokerage specialist. Of the more than 150,000 commercial real estate professionals in the United States, only an estimated 6 percent hold the CCIM designation.
Bridgewater’s Dumke Sells Central Avenue Free-standing Office Building
ST. PETERSBURG, Fla. (Oct. 30, 2020) – Bridgewater Commercial Real Estate announces the sale of 4763 Central Ave., a 1,574-square-foot free standing office building for $325,000. It includes six private offices, a kitchenette and great signage.
“This was a perfect building for the user, just off the intersection of Central and 49th Avenue, and perfectly situated between the beaches and downtown,” Bridgewater Managing Broker Kris Dumke said. TBFL Properties, a real estate brokerage company, was the buyer.
Dumke, who represented the seller, Moore Resource Management Group, believes small free-standing properties will continue to be in greater demand during and after the COVID-19 pandemic. “Small business owners are looking to vacate costly downtown properties and buy properties while interest rates remain low,” Dumke said.
Employees will always appreciate free parking, private offices and shorter commutes, Dumke said.
Bridgewater’s Kori and Shane Billings Sell Taylor True Value Rental Center
Inverness, Fla. (Oct. 29, 2020) – Bridgewater Commercial Real Estate announces the $900,000 sale of a 4,624 SF True Value Rental Center at 3315 E. Gulf to Lake Highway. Kori and Shane Billings overcame numerous hurdles during the 126-day contract period including a PPP loan, seller note and revenue proforma to satisfy increased lender scrutiny in today’s economic climate. The Buyer obtained SBA 7A financing, which provides for business acquisition and working capital, through Central Bank in Tampa.
The business and property were listed just prior to COVID-19 and went under contract in June. The Buyer was not represented in the transaction. The Sellers had previously listed with another brokerage for a year and received no offers. Kori Billings is Bridgewater’s exclusive Business Broker and Shane Billings’ 26-plus years of environmental consulting experience brings added value to real estate deals. This transaction is the Billings’ second True Value Rental Equipment business with real estate sold this year. The duo represented the seller of True Value Rental of Crystal River, which closed in April for $3 million.
Locally owned and operated, this True Value location has been serving the community with the finest in construction and home project rental equipment and sale items since 1993. Equipment rental and sales stores are thriving during the COVID-19 pandemic and are considered essential businesses that remained open during the statewide shutdowns. Please contact Tampa Bay area-based Bridgewater Commercial Real Estate to learn more about positioning your business and real estate to sell.
Bridgewater Commercial’s Kori Billings Sells Church Facility
ZEPHYRHILLS, Fla. (Oct. 29, 2020) – Bridgewater Commercial Real Estate announces the sale of 39440 Lincoln Ave., a 3,540-square-foot free standing church building for $240,000. The church, built in 1980, can accommodate 130 worshipers and includes classrooms and an executive suite.
Kori Billings represented the buyer, New Life Covenant Inc. “COVID-19 has been difficult for many churches. I’m happy we were able identify this opportunity for New Life Covenant and complete the transaction,” Billings said.
Coldwell Banker Commercial represented the seller, Zephyrhills Hispanic Church of God.
Bridgewater Commercial’s Patty Huntington closes 4 residential transactions
SAINT PETERSBURG, Fla. (Oct. 23, 2020) – Bridgewater Commercial Real Estate’s Residential Investment division has had quite a 10-day stretch of activity.
Broker Associate Patty Huntington, who heads the division, closed four properties between Oct. 14 and today:
- A Largo single-family home at 13675 Kimberly Oaks Circle on Oct.14.
- A condominium at The Mansions at 7600 Bayshore Dr. #406A in Treasure Island on Oct 19.
- A condominium at Isla Del Sol at 6291 Bahia Del Mar Circle #702 in St. Petersburg on Oct. 20.
- A vacant residential lot on 12th Avenue in Indian Rocks Beach today.
“The pandemic has not slowed down buyers at all. These transactions included out of state second-home buyers, a local couple looking to relocate elsewhere in Pinellas and buyers looking to construct their new dream home. It feels great to make all these people happy,” Huntington said.
Bridgewater Commercial’s Maret Sells Clearwater Showroom
CLEARWATER, Fla. (Oct. 14, 2020) – Bridgewater Commercial Real Estate announces the sale of 1215 Lakeview Road, a 1,558-square-foot office/showroom for $267,500.
“This was a neat little property on a 1/3 of an acre across from a Publix Shopping Center. The buyer works in home improvement and intends to utilize the space as a showroom and has plenty of room for his vehicle fleet as well,” listing agent Dee Maret CCIM said.
ReMax Elite’s John Koutroumanis represented the buyer. CenterState Bank handled the financing for the buyer.
Bridgewater’s Dumke lists a climate controlled warehouse in Gateway – $2.995 million
St. Petersburg, Fla. (Oct. 12, 2020) – Bridgewater Commercial Real Estate has secured an exclusive agreement to sell a 20,572-square-foot Class A Flex Building in the Gateway
District. The property, zoned Employment Center-1, offers approximately 15,370 square feet of industrial space and 5,200 square feet of renovated office space. It is hig
hlighted by 3 loading bay doors (expandable to 7), five private offices, 3 labs with sinks, conference room and an additional 11,600 SF of fully sprinklered mezzanine space.
“This property is a must-see for anyone needing a facility for industrial and commercial warehousing, distribution, medical research or medical lab work,” Broker Kris Dumke said. For more information or to schedule a tour of the facility, contact Dumke at 727-213-8972. The owner would consider a long-term lease for a qualified tenant.
Bridgewater Commercial’s Guroian Sells Largo Shopping Center
LARGO, Fla. (Oct. 1, 2020) – Laura Guroian and Bridgewater Commercial Real Estate, LLC announce the sale of West Bay Village Plaza adjacent to Ulmer Park at 201-251 West Bay Drive. The plaza is located in downtown Largo, minutes from Clearwater Beach.
Commercial Realtor Laura Guroian represented the buyer, Benedicts Restaurant, and the undisclosed seller of the plaza. Over the past year, the 10,228-square-foot retail space has become home to four new businesses; Benedict’s Restaurant, Duff Web (web site designer), Midori Eco Salon and Spa and The French Nest Boutique (interior design and home décor).
Guroian represented all four tenants and the plaza ownership in every lease transaction.
Guroian is a Largo resident, small downtown business owner and a member of Largo’s Community Redevelopment Agency Advisory Board.
“I worked very hard to upgrade the plaza consistent with the city’s vision for renewal of the Central Business District. These are neighborhood-based businesses that are good for our community and our local economy.”
Bridgewater Commercial’s Huntington Sells Residential Portfolio for $1.285 million
ST. PETERSBURG, Fla. (Sept. 22, 2020) – Bridgewater Commercial Real Estate, LLC announces the portfolio sale of 10 four-bedroom, two-bathroom rental homes for $1.285 million, generating a 7.8% capitalization rate.
The homes are within a 10-minute drive of downtown St. Petersburg and all within a 1.6-mile radius. The rentals were fully occupied.
“Single family rental portfolios were in great demand prior to COVID-19 and they have gotten more desirable as we cope with this pandemic. I was fortunate to represent the same seller who sold 77 homes to a national entity last year,” said the listing agent Dan Huntington.
Commercial real estate investors have steered clear of retail, office, hospitality, and other sectors in recent months and concentrated on what they believe to be the most pandemic-proof – medical office, industrial properties and single-family residential investments.
August statistics, the latest available from Stellar MLS for Pinellas County, show the available residential inventory down an eye-popping 33 percent from a year ago. In August 2020, there were 31,667 homes on the market in the entire county as opposed to 47,476 during the same time frame in 2019.
Cheryl Carver of Polaris Residential Inc. represented the undisclosed buyer in this sale.
Bridgewater’s Soukas Leases 3,200 SF Flex building in Clearwater
CLEARWATER, Fla. (August 20, 2020) – Bridgewater Commercial Real Estate announces the completion of a 5-year lease transaction for a 3,200 square-foot office and warehouse at 4201-4205 116th Terrace N. The new tenant, who is an air-conditioning sales and repair service company, was drawn to the central location – close to I-275 and 20 minutes to Tampa’s Westshore area or downtown St. Petersburg.
The $545 million Gateway Expressway, currently under construction will make the location even better, commercial associate Matt Soukas said. Soukas represented the landlord and the tenant in the transaction. The 26,800-square-foot facility was built in 1998.
Bridgewater’s Shane Billings Sells Family Dollar for $1.58 million
OCALA, Fla. (July 8, 2020) – Bridgewater Commercial Real Estate announces the sale of a 8,050-squarefoot Family Dollar at 6814 SE Maricamp Road for $1.58 million. The property traded at a 9% capitalization rate. Family Dollar recently extended their original 10-year lease for five more years through June 2025, and the retailer has a five-year renewal option remaining. The national retailer has direct frontage on S.R. 464 with average daily traffic of more than 33,000 vehicles. The building was built in 2009, during the great recession, when consumers across the nation began to turn to dollar stores in record numbers. This building sits on 1.07 acres. Bridgewater’s Shane Billings represented the undisclosed buyer. Dollar stores are thriving again during the COVID-19 pandemic. Dollar General, Family Dollar and Dollar Tree are considered essential businesses and have remained open during the pandemic shutdown. Retail experts forecast budget-conscious shoppers, worried about the economy and job losses, will further strengthen this discount group’s market share. Dollar Tree bought Family Dollar in 2014. “It was very satisfying to have my client finally close on a quality deal after having been under contract on two other properties this year. David Darnell with First Citizens Bank in Tampa helped make the deal work with very favorable terms. This particular Family Dollar store reportedly saw a 65% increase in sales during April and is still doing extremely well. An additional bonus is that the store will be completely remodeled by Family Dollar in September,” Billings said.
Bridgewater Commercial’s Maret Sells Flex Building for $1.2M
TAMPA, Fla. (June 5, 2020) – Bridgewater Commercial Real Estate, LLC announces the sale of a 3,999 square foot office/warehouse property north of Tampa International Airport for $1.2 million.
DavGreg, LLC sold the 1-acre property at 6996 Anderson Road to Vetkor Base Camp, LLC.
“This deal required three extensions through the pandemic, but we got it done and at full price. The buyers are acquiring a modern flex building with easy access to the Veterans Expressway and Interstate 275,” said Dee Maret CCIM, the broker-associate who represented the seller in the transaction.”
Bridgewater’s Kori Billings leases office space for 5 years
LARGO, Fla. (May 1, 2020) – Bridgewater Commercial Real Estate’s Kori Billings represented the landlord, JonOsh Properties II, in a 62-month office lease transaction at 11200 Seminole Blvd. Suite 210.
This building still has a few options to lease and can be viewed here.
The tenant, Verimed Health Group Seminole, took 3,682 square feet and was represented by Moniquie Petronje of Klein & Heuchan.
“Kori has handled several suites in this building for the landlord, but this medical office space was the largest available. It was turn-key too,” Bridgewater’s managing broker Kris Dumke said.
Broker’s Note: Bridgewater Commercial Real Estate was proud to represent franchise owners Lisa Coleman and Brian Himert of The Spice & Tea Exchange that is expected to open for business on May 1. The Spice & Tea Exchange stores operate in 68 locations in 30 states around the United States.
By St. Pete Rising | Monday, March 9th, 2020
ST. PETERSBURG, Fla. — The Spice & Tea Exchange has just signed a lease for a location at Sundial St. Pete. They will be moving into the 1,218 SF space previously occupied by the Rowdies & Rays Team Store on the first floor of the shopping center.
“This is one of the last prime spots left in Sundial, we are so happy to have such a great shop in our center” said Bill Edwards, Owner of Sundial.
The Spice & Tea Exchange caters to people who love to cook, eat, and host guests. They are known for offering an extensive selection of exotic teas, spices, exclusive seasonings, salts, and naturally-flavored sugars. Their diverse assortment of goods is guaranteed to kick your senses into high gear as you explore all they have to offer.
Founded in 2008 as a small shop in St. Augustine, the Spice & Tea Exchange was created by individuals with a passion for life and food. Their high-quality products quickly gave them nation-wide recognition.
Husband and wife duo Lisa Coleman and Brian Himert are the owners of the St. Pete location and they couldn’t be more excited for the recent growth of Downtown St. Pete. “We love downtown,” says Coleman. “We are down there all the time eating, going to festivals and indie markets. St. Pete is definitely not a cookie cutter city.”
The Spice & Tea Exchange will also have a tea bar, where customers can order any of the 50+ loose leaf teas hot or iced.
Additionally, the shop will make 80+ spice blends in-house in plain view of the customers at the Blending Theater. “It is our mission to provide a unique spice and tea shopping experience and to generate excitement by immersing our customers in rich and vivid sights and smells,” says Coleman.
This year is slated to be a big one for the downtown shopping center. Work has recently begun on a 25,000 square foot food hall by the same team that brought Armature Works to life in Tampa. Also, the popular St. Pete-based coworking company, Station House, announced plans to move into a 8,300 square foot space on the second level of Sundial.
With so much change on the way, it’ll be interesting to see if Sundial can successfully reinvent itself in a market flush with dining and shopping options.
The Spice and Tea Exchange is hoping to open at Sundial by May 1st. Be sure to follow them on Facebook and Instagram to stay up to date on grand opening plans.
Wine bar, boutique hotel add new experiences to emerging Edge District of St. Pete
TUESDAY, SEPTEMBER 10, 2019|
A new Marriott Tribute Collection boutique hotel is coming, more residential is going up, and now St. Petersburg’s rapidly growing Edge District will be getting its first wine bar and bottle shop.
CellarMasters Wine Bar & Bottle Shop will have both indoor and outdoor seating and is expected to be open around Thanksgiving of his year.
According to Owner Ryan Rugg and Business Partner Kory Lynn, CellarMasters will offer both a retail venture focused on selling wine from small-batch, independent vineyards — no big brands, and a social venue offering wine and beer by the glass, along with appetizers and small plate options.
Located at 1005 1st Ave. N., the 2,190-square-foot wine bar and bottle shop is taking over a former ‘70s era office building with extensive renovations currently underway inside, says Rugg.
“We are really excited about the Edge District and what’s taking place there,” says Rugg. “It’s totally walkable, very funky and fun. And it’s artistic with lots of murals on buildings. It’s the perfect part of town for us. We are super stoked. There is no other business similar to what we will be bringing here.”
Rugg recently moved to St. Pete from Oakland, CA., and says there are many similarities between the two cities. “Both are young and hip and edgy,” says Rugg.
Rugg and Lynn are veterans in the wine industry. Rugg’s background includes working as CellarMaster/Winemaking Supervisor producing wine in the San Francisco Bay area, as well as working as a wine wholesaler and retailer. Lynn is a sommelier and has years of experience opening wine bars in markets around the country and in selecting wine for restaurants and retailers.
“We’re both well-educated in wine and hope to bring that education to the customer,” says Rugg.
Bridgewater Commercial Real Estate realtors Dan Huntington and Dee Maret helped secure the property, which is one block west of the new Icon Central Luxury Apartments, a mixed-use development with 15-story luxury apartments with amenities such as an outdoor movie lawn, indoor Zen garden, and art exhibits. The complex incorporates the historic 1926 Union Trust Bank building at the corner of Central Avenue and 8th Street North.
Located between 1st Avenue North and 1st Avenue South, and 9th Street North and 16th Street North, the Edge District has been experiencing skyrocketing economic development as the success of St. Pete’s downtown spreads west.
“It’s not the ‘Edge’ it once was, the district is becoming more and more a central part of town,” says Maret.
According to the Edge District’s Executive Director Barbara Voglewede, there’s been a $75 million investment in the district in the last year or so. In the spring the much-anticipated three-story St. Petersburg Police Station opened, giving the city a new police headquarters with several cool features — a solar photovoltaic roof with 1,450 solar panels on the parking garage and three public art sculptures by two local artists — Mark Aeling of MGA Sculpture Studio, and Catherine Woods of C Glass Studios.
Also, earlier this year, the Edge District commissioned 10 public art sculptures by artist James Brenner to mark the perimeter boundary line of the district. Brenner’s sculptures are made of sculpted jade green glass and stainless steel with LED lighting.
“The Edge District is still affordable,” says Rugg. “If you look around at the businesses, restaurants, and bars located here, most are locally owned and they are all true to the culture of St. Pete.”
By Susan Taylor Martin | Tampa Bay Times
ST. PETERSBURG — In yet another sign that the United States is becoming a nation of renters, a Texas company has bought 77 single-family rental homes in St. Petersburg.
Amherst Residential LLC paid a total of $7.06 million this week for the houses, mostly between Fifth Avenue S and 30th Avenue S. The area is seeing more interest from investors as downtown St. Petersburg experiences a boom in high-end apartments and other parts of Pinellas County are getting unaffordable for lower-income renters.
Dan Huntington, the agent who brokered the sale, said he had heard that Amherst was looking for houses in Pinellas as it expands its portfolio. Since 2012, the company has acquired more than 25,000 houses nationwide and is stepping up its investment in high-growth areas such as Tampa Bay.
“I know the owner (of the houses) was looking to sell so I contacted Amherst and started negotiating,” Huntington said Friday. “It probably took us seven or eight months.”
The owner had gradually acquired the houses, some in foreclosure sales.
“He’s older, and it’s just time to retire,” Huntingon said.
The houses have between two and four bedrooms, and currently rent for between about $900 and $1,400 a month. Many of the tenants receive some type of government help with the rent.
In 1965, roughly 63 percent of Americans owned a home, according to the U.S. Census Bureau. Home ownership peaked in 2004 at 69 percent, then fell back to 63 percent in 2015 as many people lost their homes to foreclosure. As of April, the ownership rate had risen to just over 64 percent.
During the foreclosure crisis, huge real estate investment trusts like Invitation Homes and Starwood Waypoint snapped up an estimated 8,000 homes in the Tampa Bay area to use as rentals. Invitation and Starwood merged in 2017, and the combined company continues to rent out hundreds of houses, especially in unincorporated areas of Hillsborough County.
Huntington, an agent with St. Petersburg-based Bridgewater Commercial Real Estate, said he’s noticed that younger people are less interested in home ownership than baby boomers like himself were.
“Our dream was always to own a house and a lot of people nowadays that’s not part of their dream,” he said. “They lease their cars and they rent their houses.”
Just Like Starting Over (Business Observer)
What 2019 looks like for 5 Tampa Bay commercial real estate execs (Tampa Bay Business Journal)