Franklin Street Brings Trophy Retail Property on Downtown St. Pete’s 600 Block to Market
The 15,858-SF trophy asset is 100% leased to local and national tenants including Maple Street Biscuit Company, Pacific Counter, Mangosteen, Colony Grill and Rocket Fizz

By Post
Tampa Bay Newswire
Published: Sep 17, 2022

ST. PETERSBURG, FL (September 16, 2022) – Franklin Street is marketing for sale one of Downtown St. Petersburg’s most prominent retail strips. Situated at 654-670 Central Avenue, the 15,848-square-foot property spans the entire southern half of the landmark 600 Block in a rapidly growing section of the city’s vibrant downtown.

The Franklin Street Retail Investment Sales Team of Anthony Suarez and Ryan Derriman has been selected by the current owner, Miami-based Tricera Capital, to exclusively market the trophy retail asset for sale.

The property has received extensive renovations totaling more than $500,000 including new fire safety systems, new roofing, updated electrical systems, new rooftop HVAC units, and new awnings with lighting. In addition to the recent building improvements, newly signed leases have also led to extensive interior renovations to the tenant spaces.

“This is a rare opportunity to acquire a fully occupied retail asset that is home to some of Downtown St. Pete’s most popular restaurants and shops, in a truly unbeatable location,” said Suarez. “It’s such a true live, work, play environment and with so many new projects in the immediate area, it’s hard not to be excited about the future of Downtown St. Petersburg. There is a long runway ahead, particularly on Central Avenue, and we expect rents to continue to rise and property values to continue to appreciate.”

The 600 Block property occupies 0.36 acres in a highly walkable area with access to numerous multifamily, office and mixed-use properties. There are over 8,500 existing multifamily units in downtown St. Petersburg and more than 9,000 units planned.