Asset Development paid $39.06 per sf for the property, located at 2690 Drew St., which has 432,640-sf of rentable space. At closing, the occupancy was 87%. Average asking monthly rent is $586.
Whitaker and associates Hal Warren and Will Slemons represented Laramar Group.
"The new owners plan to complete major renovations of Savannah Trace" because "there is very little vacant land available for (new) multifamily development" in densely populated Pinellas County, Cole Whitaker, senior director for Cushman & Wakefield's Apartment Group, says in a prepared statement. "The goal is turn Savannah Trace into a solid, B+ asset."
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