GlobeSt.com EXCLUSIVE: Hallmark Closes Office/Land Deal in Hot St. Petersburg Submarket

ST. PETERSBURG, FL-Hallmark Development Co. of Clearwater has latched on to a prime office development site in this city’s hot Feathersound/Gateway submarket with the acquisition of the 46,000-sf Roosevelt Lakes building and a total 9.2 acres for $5 million. Locally based Industries Training Corp. was the seller. The deal took only four months to do.

Colliers Arnold broker John F. Gerlach tells GlobeSt.com his challenge in marketing the property was bringing the building’s occupancy up to a level that would attract potential investors. He finally got it up to 96.7%.

“The seller’s goal was to reduce their occupied square footage and sell with a leaseback,” Gerlach tells GlobeSt.com. “(But) this would leave considerable vacant square footage in the building. During the marketing, however, a tenant was found to occupy the vacant space and this completed an investment package attracting investors.”