Shopping center at Tyrone Square Mall sells for $37.8 million

Daniel Diaz Leyva, an attorney with Day Pitney, has facilitated the closing of a $16.5 million acquisition loan, in connection with a $37.8 million purchase of a retail strip, at Tyrone Square Mall, in St. Petersburg.

Leyva represented the lender, Miami-based City National Bank of Florida. The buyer was Boston Capital and the seller was Seritage SRC Finance, an affiliated entity of Seritage Growth Properties. The deal closed September 21.

“The St. Pete market continues to attract investment as the area experiences strong levels of growth and this transaction underscores why City National Bank chose to enter the Tampa Bay area, in 2021,” said Leyva, in a statement. “It also demonstrates my client’s ability to fund high-quality assets in one of Florida’s top-performing retail markets.”

The shopping center, located at 2300 Tyrone Boulevard North, has a Dick’s Sporting Goods, Five Below and Petsmart. Aldi is set to open a store in the shopping center, in the coming months.

Greenberg Traurig Attorney Danielle Gonzalez represented the borrower.

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