Walton Street Capital has purchased 14,000 square feet of retail space at Echelon City Center in St. Petersburg, adding the ground floor of a 15-story mixed-use building to its existing ownership of the residential tower above.
The property, known as Waterview Retail Center, was built in 2021 in Carillon Park and is fully leased to five businesses: Publix Liquors, Back Bar, Feathersound Smiles, Modern Medical and Brothers Thomas Bespoke Café. Several leases extend through 2031 or later, providing long-term rental income for the new owner.
Third Lake Capital and Echelon partners sold the property in a multimillion-dollar transaction brokered by Tampa-based Franklin Street. The sale price was not disclosed.
Because the retail space was separately owned from the residences above it, the building’s ownership structure was an important consideration in the sale. Walton Street Capital already owned the residential portion, making it a buyer familiar with the property.
“When you’re structuring a condominium retail deal, you have to look at the ownership structure just as closely as you look at the property itself,” said Madison Chaney, a senior associate at Franklin Street. “Finding the right buyer who truly understood the building was key.”
Chaney and Franklin Street managing director Jason Donald represented the sellers. The firm announced the transaction Oct. 27.