Tricera Capital Purchases ICON Central Retail Space in St. Petersburg for $11.1M
ST. PETERSBURG, FLA. — Tricera Capital has acquired a ground-floor retail space at Related Group’s recently completed ICON Central, a mixed-use development in St. Petersburg. The transaction totaled $11.1 million and included the adjoining Union Trust Bank building. In total, the ground-floor retail space and historic bank building span nearly 35,000 square feet of rentable space. Related Group was the seller.
Currently, about 7,000 square feet of the retail space is leased to BurgerFi and Watts Dental, which are open now.
Related Group constructed the 368-unit ICON Central on an entire city block along Central Avenue. As part of its redevelopment, Related renovated the bank building, which was originally constructed in 1926, for commercial use.
Scott Wadler and Alec Fox of Berkadia arranged $9.9 million in acquisition financing on behalf of Tricera. Money360 provided the financing.