Holliday Fenoglio Fowler, L.P. (HFF) announces the $5.95 million acquisition financing for two two- and three-story mixed-use assets totaling approximately 27,187 square feet in St. Petersburg, Florida.
The HFF team worked on behalf of the borrower, Tricera Capital, to secure the three-year, floating-rate loan with The Bancorp Bank. This is Tricera Capital’s seventh acquisition within the downtown St. Petersburg area. The company plans to execute a similar business plan as they did for 654-656 and 658-670 Central, which includes renovating and improving tenancy in the properties to best align with the fabric of the St. Petersburg EDGE District.
The assets acquired by Tricera and financed include 1100-1114 and 1122-1128 Central Avenue, which have nearly 225 feet of combined retail frontage along Central Avenue, the city’s main pedestrian thoroughfare. The approximately 18,585-square-foot 1100-1114 Central Avenue is positioned on the hard corner of Central Avenue and 11th Street South and houses five retail storefronts on Central Avenue, an arcade occupied by small footprint retailers and two floors of office space above the ground floor retail in a mural-painted building. 1122-1128 Central Avenue’s approximately 8,602 square feet are located midblock and consist of a two-story mixed-use property with ground-floor retail and second-floor office space in addition to an attached single-story retail building, which is home to Bodega on Central, an award-winning St. Petersburg restaurant.
“We are very excited for our newest acquisition in the EDGE District as we truly believe this is a special and unique neighborhood that continues to blossom along with the entire Central Avenue corridor in downtown St. Pete,” said Scott Sherman, principal of Tricera Capital.
HFF’s debt placement team representing the borrower included senior director Scott Wadler and director Preston Reid.
About Tricera Capital
Tricera Capital is a real estate investment firm focused on value-add urban retail and mixed-use investments within the United States. Since launching in 2017, Tricera has been very active, leveraging the team’s experience and relationships to create off-market opportunities and quickly amassing a portfolio in in excess of $85 million in real estate assets. Tricera’s principals are seasoned real estate professionals with deep track records of success in deal sourcing, acquisitions, syndication, and leasing. Their combined experience enables Tricera to strategically identify and execute on deals and move swiftly to create value by repositioning assets and upgrading the tenancy to deliver superior returns to investors. Visit https://www.triceracap.com for more information.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
