The property was 100% occupied at the time of sale.
ST. PETERSBURG, August 5, 2024 – Franklin Street Investment Sales announced today the closing of Pineywoods Centre, a 54,595-square-foot, value-add multi-tenant office buildings in St. Petersburg, Fla., for $8.3 million.
Franklin Street arranged the sale on behalf of the seller, Pineywoods Realty. The buyer is an undisclosed local buyer.
Leading the successful transaction was Franklin Street’s Investment Sales team led by Anthony Suarez and Pat Kelly.
The property sold for $128.49 per square foot with a capitalization rate of 7.71%. The property features $1.5 million in upgrades coming out of COVID pandemic.
“Despite the prevailing narrative in the office market, we successfully leveraged our local relationships to attract an active office investor. The buyer was drawn to the $1.5 million in recent upgrades and the substantial post-COVID lease-up, which highlighted strong demand for well-located, multi-tenant office properties. The central location, convenient for both the workforce and decision-makers, was particularly appealing. Additionally, the property’s proximity to major hospital systems added significant value, making it an ideal choice for healthcare providers. The main hospital systems are located just 8 minutes away downtown,” said Suarez.
Built in 1977 & 1979, Pineywoods Centre, formerly known as the Wittner Centre, comprises of two buildings with notable tenants, including Johns Hopkins All Children’s, Physician’s Property Group, and Broadwater Hearing Care.
Located at 5959 and 5999 Central Ave., the property is conveniently located near local medical centers, entertainment and restaurants.
For interviews or media relations with Anthony Suarez and Pat Kelly, email our media contact at [email protected]
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About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
