Franklin Street.
If you’ve walked past St. Pete’s Maple Biscuit Company in the last week, you’ve walked on prime, for-sale, St. Pete real estate.
Miami-based commercial real estate company, Franklin Street, listed the southern portion of the 600 block of Central Avenue (654-670 Central Ave.) for sale last week. According to the firm, this 15,857 square-foot of space has recently undergone $500k of renovations. The asking price? $12,250,000.
“With multiple redevelopment projects in the immediate area, this submarket’s rental rates and property values are expected to significantly appreciate in the coming years,” the real estate company wrote in a press release.
The bustling street (with a walkability score of 95) is home to restaurants and retail stores: Colony Grill, Rocket Fizz, Pacific Counter, Mangosteen, and Maple Street Biscuit Company. Franklin Street released that these businesses have triple net (NNN) leases, meaning the tenants pay the operating expenses for the businesses.
“In addition to the recent building improvements, new tenant leases within the past 12 months have also led to extensive interior renovations to the tenant spaces at the tenant’s expense,” Franklin Street stated.
In the wake of a new buyer, the future of these businesses remains uncertain.
