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Feldman Equities joint venture buys, renovating former Wells Fargo Plaza


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  • | 7:50 a.m. August 23, 2013
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BUYER: Second Avenue Tower Limited Partnership (principals: James Ferrar, Ryan Chan and Greg Tylee), Maitland
SELLER: CNL SP Plaza Partners LLC
PROPERTY: 150 Second Ave. N., St. Petersburg
PRICE: $20.01 million
PREVIOUS PRICE: $26.27 million, August 2008
LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando

PLANS, DESCRIPTION: A joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners purchased the 17-story 187,000-square-foot former Wells Fargo Plaza office building for $20.01 million.

The price equated to $107 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

In June, Wells Fargo Bank vacated 22,000 square feet in the building, which reduced its occupancy to 65%.

Larry Feldman, CEO of Feldman Equities, will spearhead the leasing and redevelopment efforts while Tower Realty Partners will handle management responsibilities.

“The acquisition of the 150 Second Ave. building is another opportunity for us to do what we do best - renovating and upgrading office buildings in order to maximize their value,” Feldman says in a press release. “We intend to invest several million dollars in renovations including an upgraded amenity package. We will use our lower cost basis to implement an aggressively priced leasing program.”

This is the second downtown St. Petersburg acquisition for the joint venture ownership group, which also owns the nearby, 242,000-square-foot City Center office building. In a little more than two years, the ownership increased occupancy at City Center from 44% to more than 94%.
The new ownership is offering a new anchor tenant naming rights for the Second Avenue building.

Dale Peterson of CBRE in Tampa handled the transaction.

The purchase entity Second Avenue Tower Limited Partnership mortgaged the property to NXT Capital LLC for $22.48 million.

 

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