St. Petersburg medical building sells for $10.4 million

A St. Petersburg medical office building that was once home to a Harley-Davidson dealership has sold.

The property is the Mid-Pinellas Medical Center at 2805 54th Ave. near Haines Run Road and Interstate 275. It sold for $10.4 million, according to the Nashville commercial real estate firm Matthews.

The buyer is Sphere Investments, a Miami-based private investment group, which bought it as part of a 1031 exchange. The building traded for approximately $435 per square feet at a 6.4% cap rate.

The property was originally a showroom for the iconic motorcycle company but sold in 2019 to Rubin Real Estate Advisors for $3.3 million. The firm redeveloped it into a medical outpatient facility.

Matthews says today it is 100% occupied with a tenant roster that includes Orthopedic Medical Group of Tampa Bay, ChenMed and Tampa Bay Breathe Free.

During the transaction, Orthopedic Medical Group signed a 10-year lease extension.

The firm’s Jake Allen brokered the sale, connecting the buyer and seller.

This story first appeared in CRE Central, the Business Observer's weekly commercial real estate newsletter.