Torose Expands Further in St Petersburg
The company recently purchased another property in the state.
Torose Equities has acquired another Florida retail space, which comes out to roughly 14,000 square feet.
This one was acquired in St. Petersburg, an area the firm’s founders have been invested in since 2017. The property, called Modera St. Petersburg, is classified by Torose as a new luxury mixed-use development at 20117th Street South.
Modera St. Petersburg consists of two spaces, which can be divided into as many as eight units. The ceiling heights range from 17 to 21 feet, and 14 parking spots are featured. The property is also connected to the Pinellas Trail, which runs 50 miles and is at the base of a 383-unit luxury apartment building. And the Grand Central District, Warehouse Arts District, and Edge District, are nearby to the location.
The tenants of Modera St. Petersburg were not disclosed by Torose.
“We’re thrilled to continue our long-standing investment in St. Petersburg, one of Florida’s most vibrant and rapidly growing urban markets,” Scott Sherman, Founder and Principal of the Miami-based company said.
“St. Petersburg continues to emerge as one of the most dynamic and attractive markets in Florida, attracting new residents, businesses, and investment at a rapid pace. The ground floor retail component of Modera St. Petersburg is well-positioned to attract a premier mix of restaurant, retail, and service-oriented tenants that will serve as a dynamic amenity for the residential community and the broader St. Petersburg market.”
Torose in the market has purchased 15 properties that collectively take up roughly 300,000 rentable square feet. Outside of St. Peterburg, the company has been active in Miami. Recently, the firm purchased a retail space at 910 Lincoln Road in South Beach. The 8,700-square-foot district, which is fully occupied by clothing brand AllSaints, contains dining, entertainment, and shopping venues.
Some other areas Torose focuses on in The Sunshine State are Palm Beach, Fort Lauderdale, and Tampa Bay. Sherman recently told GlobeSt that there has been a wealth migration in Florida and Miami.
While he warned that he has noticed a slowdown and consumer spending, Sherman said that he’s still bullish on the Florida retail market long-term.