by admin | Nov 24, 2015 | Market Data
A St. Petersburg firm has partnered with Boston investors to acquire rental units in The Slade.
Source: www.bizjournals.com
The Slade at Channelside recently sold and at $186,000 per unit, the price is less than some other Channel district properties fetched — Pierhouse sold for $214,000 per door in early 2014.
Built in 2009, The Slade is one of the older apartment properties in the Channel district and faces competition from several newcomers, including the SkyHouse, a 23-story tower that wrapped up construction this summer and is already for sale.
That said at less than $190 per square foot, the purchase price is actually well below replacement costs. Additionally, the project was originally built as condos and the sale represented 214 out of the 294 units, in addition to 11,500 square feet of retail space.
by admin | Nov 24, 2015 | Market Data
New apartment buildings are finally opening, which is helping slow rent appreciation across the U.S. According to the Zillow October Real Estate Market Reports, national rents grew 4.5 percent annually, down from 5.3 percent in September. Due in part to a lack of inventory, finding an affordable place to rent is a struggle for many residents across the country. Rents are still rising quickly, but thanks to new apartment buildings opening, they are growing at a slower pace, even in some of the ho
Source: www.zillow.com
New apartment buildings are finally opening, which is helping slow rent appreciation across the U.S. According to the Zillow October Real Estate Market Reports, national rents grew 4.5 percent annually, down from 5.3 percent in September. It takes time for markets to absorb new supply and there are some markets that will be able to absorb the new inventory better than others.
by admin | Nov 24, 2015 | Market Data
TAMPA — Tampa Bay Lightning owner Jeff Vinik said he and his Cascade Investment partners are “making good progress” on signing a tenant for half of a 650,000-square-foot office building planned for the first phase of their downtown redevelopment project.
Source: www.tampabay.com
Jeff Vinik’s Strategic Property Partners recently stated the first phase will include pursuing a supermarket and is expected to take three to four years and cost an estimated $1.2 billion to create.
T. Sean Lance of Vertica Partners represented the group in the assemblage of the land surrounding the arena.
by admin | Nov 19, 2015 | Market Data
DUNEDIN — The long-vacant former Nielsen Media Research campus may soon see some activity.
Source: www.tampabay.com
Developer Primerica Group One wants to build 280 high-end apartments, 56 townhomes, 7,200 square feet of retail space and 44,600 square feet of office space on the 23-acre parcel.
Primerica has billed the project “Dunedin Commons.”
The former Nielsen site, at 375 Patricia Ave., has been empty since 2005.
by admin | Nov 18, 2015 | Market Data
A St. Petersburg firm has partnered with Boston investors to acquire rental units in The Slade.
Source: www.bizjournals.com
At around $190 per square foot, the property traded at about a 12-15% discount to current retail market value for individual units. The Slade is located in the heart of the Channel District just outside of the downtown Tampa urban core. The district has seen the highest concentration of new multifamily units delivered in the past few years several thousand units under construction or planned.
