Bridgewater Commercial News
Bridgewater leases warehouse to world-renowned paint brush company
LARGO, Fla. (May 4, 2023) – The Silver Brush brand of fine artists’ paint brushes has become synonymous with top quality in its niche industry. The company announced this week it is relocating its operations to the Tampa Bay region from Windsor, N.J.
Used by some of the globe’s most prominent artists, Silver Brushes have painted official White House portraits of U.S. presidents and first ladies dating back to President Reagan and First Lady Nancy Reagan. Other prominent leaders painted with Silver Brushes include Pope John Paul II, Princess Diana, British Prime Minister Margaret Thatcher, and musical and movie stars including Luciano Pavarotti, Tony Bennett, and John Wayne.
Bridgewater Commercial Real Estate’s Dee Maret represented Silver Brush Limited in securing a five-year lease at a 6,000 square feet assembly and distribution facility just off U.S. Hwy 19 in Largo. “Unlike most products sold to consumers today, artist brushes, in our quality class, are still manufactured for the most part by hand. Brushes are made by artisans who have apprenticed with master brush makers for very long periods of time,” the company’s founder Dee Silver said.
A family-owned and operated business since 1991, Silver Brush has recently transitioned to its second generation under the direction of Dee Silver’s oldest son, Warren Flax.
Hayes & Associates’ Don Golliher represented the landlord in the transaction.
FiCare Federal finds new headquarters thanks to Bridgewater’s Kori Billings
WESLEY CHAPEL, Fla. (March 10, 2023) – Bridgewater Commercial announces the sale of 2644 Silver Maple Pkwy., an office property just off State Road 56 in Pasco County. The property was sold to FiCare Federal Credit Union at an undisclosed price.
FiCare serves workers in the healthcare community and this new location will serve as corporate headquarters and a branch location. Kori Billings, Bridgewater’s top-selling agent for 2022, worked more than two years to identify this property for FiCare Federal.
The new location is a few miles from Advent Health Wesley Chapel, BayCare Hospital Wesley Chapel and the future home of Orlando Health Wiregrass Ranch Hospital.
BRIDGEWATER CLOSES $43.65 MILLION IN 2022
Kori Billings CCIM wins firm’s top-producing agent for the year
ST. PETERSBURG, Fla. (Jan. 3, 2023) – Bridgewater Commercial Real Estate closed 64 transactions in 2022, resulting in $43.65 million in total volume.
Bridgewater’s Managing Broker Kris Dumke founded the boutique firm just four years ago and has built a 7-person team of agents that are well-respected across the Tampa Bay region.
Kori Billings CCIM, based in Tampa, was recognized as the firms’ top agent at the company’s year-end celebration last Thursday at the St. Petersburg Yacht Club.
“First off, congratulations to Kori, but also to our entire team for another stellar year. I appreciate all our clients who put their trust in us and our industry-related partners – be it title companies, lenders, insurers, contractors, and others – who are vital to Bridgewater’s success,” Dumke said.
Here is a breakdown of the final numbers for 2022:
- Thirty-four closed sales totaled $38 million.
- Thirty lease transactions totaled $5.65 million.
- Industrial sales was the firm’s top sector at $17.6 million.
- Professional office, including 7 medical office transactions, totaled just over $10 million.
- Retail transactions totaled $6.1 million.
- Vacant commercial land totaled 5.7 million.
Bridgewater Commercial Sells First Ave. N Property Ripe for Redevelopment
ST. PETERSBURG, Fla. (Oct. 13, 2022) – Bridgewater Commercial Real Estate is pleased to announce the sale of 3601 First Ave. N for $770,000. The classic 1938 home, which was previously converted to office use, total 2,259 square feet and sits on a 0.41-acre triple-sized lot that offers 144 feet of frontage along First Avenue N.
This sale was handled by Bridgewater’s Managing Broker Kris Dumke.
“This opportunistic buyer gets a property that can remain as a spacious office or it could be converted back to its original use as a home where a family could live, work and play, without ever getting in a car. The property has a full kitchen, two bathrooms and is close to Grand Central, The Edge, Warehouse Arts and downtown,” Dumke said.
Workforce housing developers also are interested in building townhomes and multifamily units along the corridor as the city is expected to increase density in 2023 along the newSunrunner Rapid Bus Transitroute, which runs directly in front of the property. The bus service begins Oct. 21 and will offer increased connectivity for riders headed to and from downtown and St. Pete Beach.
Bridgewater’s Maret Sells $1.05M Multifamily Development Land Deal
LARGO, Fla. (Sept. 22, 2021) – Bridgewater Commercial Real Estate announces the sale of a land assemblage just off West Bay Drive in downtown Largo.
The three-parcel 0.71-acre assemblage – 152, 160 and 164 11th Street SW – is ripe for multifamily development and 21 units are allowed.
“The investors are getting a great piece of land. It’s not in a flood zone, but it is in an Opportunity Zone and Community Redevelopment Area, offering extra incentives. It’s just off the Pinellas Trail, a block west of a Publix shopping center and two blocks east of the 37-acre Medical Arts District,” Bridgewater broker-associate Dee Maret said.
Downtown Largo is undergoing some extensive improvements. The brand new Skyview Townhomes are going up on West Bay Drive and the city’s new municipal complex will be relocated downtown in 2024, bringing jobs and retail to that mixed-use facility.
Gateway Flex Building Sells Twice in 10 Months
PINELLAS PARK, Fla. (Sept. 16, 2022) — Bridgewater Commercial Real Estate announces the sale of a 31,607 SF industrial flex building at 12000 28th Street N for $4.6 million or $146 per square foot.
Bridgewater sold the building last November for $3.75 million or $119 per square foot. The latest seller, G2 Harness LLC, completed about $500,000 in upgrades to the facility before putting it back on the market this June.
“We had a lot of activity when we put it back out there a second time. It was perfect for a new owner-user to grab a modern facility on a 3.19-acre site with room to expand the building’s footprint,” Bridgewater’s Managing Broker Kris Dumke said.
Alan Kronenberg of Lineage Real Estate represented the undisclosed out-of-state buyer.
The property, which is about 40 percent office space, is positioned in the Gateway District, just minutes from two international airports and within commuting distance of most of the metro region.
Old Tampa Bay Title’s Jenna Hansen handled the closing.
Bridgewater Closes 3 Separate St. Pete properties over 10-day period
ST. PETERSBURG, Fla. (August 1, 2022) – Bridgewater Commercial Real Estate’s Kris Dumke and Dee Maret had a busy stretch in late July.
The duo announces the sale of 3 closings between July 22and August 1:
- 4260 49th Street N, St. Petersburg: A corner 0.21-acre lot with easy access and an average traffic count of 30,559 daily, previously was a plant nursery and was sold vacant to a local real estate investor for $376,000. It closed on July 22.
- 3848 Central Ave., St. Petersburg: A free-standing 1,788 SF office building was sold vacant to another office user for $557,250 or $312 per square foot – more than the $549,000 asking price. It sold on July 29. This transaction is the second office building this team sold along this corridor for more than $300 per square foot this year. On May 23, 5156 Central Ave., which totaled 1,591 square feet, sold for $599,000 – a record-shattering $376 per square foot.
- 3711 16th Street N, St. Petersburg: A unique value add mixed-use property in popular Magnolia Heights sold to a local investor for $680,000 and included a convenience store and two apartment units all on one parcel. It sold on August 1.
“We’ve been very active this summer in the under $1-million free standing properties near downtown St. Pete. Frankly, in a couple of cases, we’ve been able to get things under contract before we’ve even had time to post our signs,” Bridgewater’s Managing Broker Kris Dumke said.
Bridgewater Commercial’s Sells Multifamily Portfolio for $1.9M
CLEARWATER, Fla. (August 29, 2022) – Bridgewater Commercial Real Estate is pleased to announce the sale of 14 Class C multifamily units for $135,714 a door. The addresses of the Clearwater properties are 604 Woodlawn St. (4 units), 1511 Sadlon Ave. (4 units), 1352 Tioga Ave. (2 units) and 308 Mars Ave. (4 units).
This sale, which closed on July 29, was handled by Bridgewater’s Davis Nunneley and Kris Dumke.
“While the multifamily market in Tampa Bay is starting to slow down, there are still buyers who have enough faith in the market to pay top dollar for apartments,” Nunneley said. He specializes in the Apartment sector for the St. Petersburg-based real estate firm.
Experts continue to stress that our marketplace needs more work-force housing such as these units.
Bridgewater’s Davis Nunneley Lists Bay Street Inn For Sale
ST. PETERSBURG, Fla. (July 21, 2022): St. Petersburg’s storied and iconic Bay Street Inn Bed & Breakfast, a landmark historic property is available for purchase.
One of only three registered historic landmarks in St. Petersburg in 1997, the Bay Street Inn is conveniently located near the world-famous Vinoy Hotel and Beach Drive, home of many world class and popular restaurants and attractions. The Dali Museum, the Chihuly Museum, the Museum of Fine Arts, Sunken Gardens are all within walking distance of the Bay Street Inn. The Bay Street Inn comprises ten unique rooms/suites, with three studio apartments in the Carriage House, and seven luxury rooms in the main house. Each is individually appointed with historical period antique furnishings and features a luxurious king or queen bed and in-suite bathroom with jacuzzi tub and shower.
During its storied history, the Bay Street Inn, originally known as the Boyce Guest House, has been visited by many celebrities, professional athletes and dignitaries, both famous and infamous. More information about the Bay Street Inn is available here: https://baystreetinn.com
Bridgewater Commercial’s Nunneley Sells $1.05 million Gateway Office Building
ST. PETERSBURG, Fla. (April 11, 2022) – Bridgewater Commercial Real Estate is pleased to announce the sale of 2857 Executive Drive for $1.05 million. The 8,572 square foot, two-story office condo will be the new headquarters for Tibbett’s Lumber. While the buyers intend to complete substantial renovations, the building currently contains an atrium and reception area, 15 private offices, ample open co-working space, and a recording studio, listing agent Davis Nunneley said.
This sale, which closed on April 8, is the 3rd highest price vacant office condo sale in Pinellas county in the past 10 years. The property is located just north of Ulmerton Road.
“The Gateway District’s proximity to St. Pete-Clearwater International Airport, I-275, and U.S. Hwy. 19 provides easy access for workers commuting from St. Pete, Tampa, Clearwater, and the surrounding areas. With employers such as Raymond James and Jabil, we are confident that the area will continue to grow its professional presence and serve Tibbett’s for years to come,” Nunneley said.
Bridgewater Commercial ranked in Top-25 Commercial Brokerage List
ST. PETERSBURG (April 4, 2022) – Bridgewater Commercial Real Estate totaled $44.73 million dollars in total volume in 2021, placing it at #24 in The Tampa Bay Business Journal’s annual ranking of top brokerages in the seven-county West Central Florida region.
Bridgewater’s Kris Dumke founded the boutique firm in December of 2018 and has been fortunate to oversee rapid growth. Bridgewater was ranked 31st in the 2020 ranking by the newspaper.
“Congratulations to our talented and hard-working team. Many thanks to all our clients, vendors, friends and family who have helped us come a long way in just three years as a company,” Dumke said.
Bridgewater Commercial’s Dumke Sells $5.395M Industrial Compound
Largo, Fla. (March 31, 2022) – Bridgewater Commercial Real Estate announces the sale of 2180 Lake Ave. SE, a 7.1-acre industrial site with five industrial buildings totaling more than 100,000 square feet. The site is just north of Ulmerton Road. Bridgewater represented the undisclosed buyer.
“My client needed a large industrial property with additional acreage to accommodate their business. Industrial properties of any size are difficult to find in Pinellas as we have the second largest base of manufacturing employment in the state,” Bridgewater Commercial’s Managing Broker Kris Dumke said. “I’m really happy we were able to put this deal together for them.”
Bridgewater Commercial Sells Cabinet Shop and Business
Kori Billings secures ideal buyer for the property and the long-standing cabinet company
TAMPA, Fla. (Jan. 20, 2022) – It took nearly a year-and-a-half, but Kori Billings would not be denied. Bridgewater Commercial Real Estate announces the sale of 6903 Conaty Drive and Camelot Cabinets to Heath Enterprises LLC for $1.1 million. Wayne Williams was president of Camelot, which has been a family run operation since 1990, and will remain and help in the transition. Ryan Heath is president of Heath Enterprises.
“It is truly gratifying to sell businesses for people like Wayne. It is a much different feeling than selling a building or leasing a space,” Billings said. She is the lone business broker affiliated with Bridgewater. Selling businesses can be a complicated process and few real estate professionals have the business acumen and perseverance required. Billings also is a Certified Commercial Investment Member (CCIM) designee.
Heath is taking the reins of a well-respected cabinet company in the Tampa Bay area. He is investing in state-of-the-art equipment and has big plans to gain market share in the competitive cabinet business.
Bridgewater’s Dee Maret, also a CCIM, originally listed this property in August of 2020 and brought Billings into the assignment in November of that same year. The duo had the property under contract in June of 2021, but the buyer (a countertop maker) was unable to secure financing in a timely manner, so Williams moved on. Williams really wanted to sell to a cabinet manufacturer anyway. He was hopeful his could remain with a new owner and Heath was open to such a scenario. In the end, everyone won. Williams is a step closer to a long-awaited retirement; Heath got the business and property he wanted and the Camelot employees will still show up for work in the same location, just off Anderson Road, north of the airport.
Bridgewater Commercial Real Estate closes $3.75 million industrial deal
PINELLAS PARK, Fla. (Nov. 30, 2021) — Bridgewater Commercial Real Estate announces the sale of a 31,607 SF industrial flex building at 12000 28th Street N for $3.75 million or $119 per square foot.
“This was an excellent opportunity for an owner-user to land a modern facility on a 3.19-acre site with room for expansion. West Central Florida continues to experience rapid growth in the industrial sector, and we were excited to help both the Seller and Buyer reach their goals,” said Dee Maret CCIM, the listing agent for Saint Petersburg-based Bridgewater Commercial Real Estate. Maret’s colleague, Bridgewater’s Broker Kris Dumke, represented the Buyer.
The property is perfectly positioned in the Gateway District, just minutes from two international airports and within commuting distance of most of the metro region. The Seller was Morrow Properties LLC and the Buyer was G2 Harness LLC.
For more information, contact Bridgewater Commercial Real Estate LLC at 813-541-4254; or [email protected] or visit the firm’s site at www.BridgewaterCommercial.com
Bridgewater’s Maret sells 2-story office building on Central for $733,400
ST. PETERSBURG, Fla. (Oct. 26, 2021) – Bridgewater Commercial Real Estate announces the sale of 5536 Central Avenue, a 3,301-square-foot office building, for $733,400 or $222 per square foot. The two-story custom-built facility previously was occupied by attorney offices. The quarter-acre parcel offers nice signage on both Central Avenue and First Avenue S. and 11 parking spaces.
“Central Avenue, west of 34th Street, continues to be a go-to location for professional office users,” broker associate Dee Maret CCIM said. “Buyers are able to get stand-alone buildings along this stretch of roadway, offer their employees free parking and are just 10 minutes to the beaches and Downtown,” Maret added.
Maret represented the seller, Walker and Harrington Partnership, in the transaction. The purchase was financed by The Bank of Tampa and Pasadena Title Company was the closing agent.
Bridgewater’s Shane Billings sells $5.95M Westshore Investment Property
TAMPA, Fla. (Oct. 13, 2021) – Bridgewater Commercial Real Estate announces the sale of 1101 N. Ward St., an investment property in the heart of Tampa’s Westshore Business District.
Bridgewater Commercial’s Shane Billings represented the buyer for the 27,315-square-foot flex building that sold for $5.95 million. The incoming capitalization rate is 7.3 percent.
“I had searched for investment properties since 2017 for my client and the first day this deal hit the market I presented it and we were off to the races against two other prospects. The property is in a great location — close to the airport — and a new lease commenced in January with a strong tenant. The building has been gutted and renovated, which includes a new roof and HVAC system in the warehouse, and there are two additional parcels providing extra parking,” Billings said.
The cash transaction closed in 45 days.
Bridgewater Commercial Sells $1.785M Industrial Building in Gateway
PINELLAS PARK, Fla. (Oct. 4, 2021) – Bridgewater Commercial Real Estate announces the sale of 3670 131st Ave. N, a 15,082-square-foot industrial warehouse for $1,785,250 or $118 per square foot in the Pinellas Gateway District.
“This warehouse is climate-controlled, has 18-foot ceilings, offers 3-phase power, a grade-level drive-in bay and a dock well for dock-high loading – and it’s located just off Ulmerton Road,” listing agent Dee Maret CCIM said.
St. Pete Clearwater Airport is five minutes away and Tampa International Airport is a 20-minute drive from the distribution facility. The Gateway District is a major employment center, and is the home of two of the region’s largest firms, Raymond James Financial and Jabil Inc.
Bridgewater Commercial Sells 49th Street S Retail Plaza for $985,000
ST. PETERSBURG, Fla. (Oct. 1, 2021) – Bridgewater Commercial Real Estate announces the sale of 808 49th Street South, a 7,536-square-foot retail strip center for $985,000 or $131 per square foot. The going-in capitalization rate is 5.07 percent. The building has the potential to serve up to 11 tenants.
“Our firm really likes 49th Street South and we believe this corridor has great upside. This plaza sits just one block south of the Pinellas Trail and 17,600 vehicles drive past it every day,” listing broker Kris Dumke said. “The seller, who had owned the center for 30 years, agreed to seller-finance the transaction.
Dumke’s colleague, Dee Maret CCIM, represented the buyer in the transaction.
Bridgewater’s Kori Billings CCIM sells office suites for $790,000
Bridgewater Commercial’s Kori Billings CCIM, represented the local sellers, Terri and David Kaufman. “The zoning allows for a variety of office and retail uses and the buyer saw a great investment opportunity,” Billings said.
The property offers good signage and ample parking on site with more free city parking across Main Street. The building sold for an impressive $338.33 per square foot, demonstrating the strong demand in this niche market.
Safety Harbor sits on the west shore of Tampa Bay and visitors and residents enjoy well-regarded restaurants, drinking spots and the historic Safety Harbor Spa, a full-service resort built in 1925.
Bridgewater’s Kori & Shane Billings sell Falkenburg warehouse for $1M
TAMPA, Fla. (July, 30, 2021) – Bridgewater Commercial Real Estate announces the sale of an 8,280 square-foot- warehouse at 109 N. Falkenburg Road, about ½ mile north of S.R. 60. The sales price was $1 million or $121 per square foot. The building rests on .80 of an acre and offers 25 parking spaces.
Bridgewater’s Kori Billings CCIM and Shane Billings represented the buyers, Claudia Lopez and Christian Rodriquez, who plan to convert approximately 7,310 square feet of office to climate-controlled warehouse and showroom space for their auto sales business. The duo specialize in the restoration and sales of classic cars.
“We were so happy to identify and close this property for our buyers,” Kori Billings said. “ They had been searching for several months, placed offers and lost out on two others before securing Falkenburg,” she added.
First Home Bank’s Anthony Perez handled the financing and Nathan Gennara of A.L. Commercial represented the sellers.
Dumke Sells Central Avenue Multi-Tenant Office Complex for full price: $975,000
SAINT PETERSBURG, Fla. (July 20, 2021) – Bridgewater Commercial Real Estate announces the sale of 6526 Central Avenue, a multi-tenant office complex, for $975,000.
The 6,400-square-foot concrete block building includes six suites, nice signage fronting busy Central Avenue and 34 parking spaces.
Bridgewater’s Broker Kris Dumke represented the seller in the transaction. Dumke obtained the full asking price for the property, located just off 66th Street and walking distance to Starbucks, Earth Origins and more.
“The sellers allowed me to price this property appropriately, allowing for a smooth sale. It was a joy to work with them and I believe the buyers got a truly great investment property for $152 per square foot,” Dumke said.
The buyers exercised a Section 1031 tax exchange.
Patty Huntington sells 2021’s highest-price condo
TREASURE ISLAND, Fla. — (July 14, 2021) – Bridgewater Commercial Real Estate announces the sale of 7650 Bayshore Dr. Units 702-703 at Mansions By the Sea Condominiums for a record-breaking $2,250,000. The 3-bedroom, 3.5 bathroom double-unit sold for $765 per square foot. Multiple Listing Service records show this transaction was the highest-priced condo sale on this barrier island city so far in 2021.
Bridgewater’s Broker-Associate Patty Huntington represented the buyer of the 2,940-square-foot unit, which was on the market for 25 days. “This double-unit offered amazing views from every room. It really is a unique property and the wrap-around balcony is simply unbeatable,” Huntington said.
The Mansions, built in 1980, anchors the southern end of Treasure Island’s popular Sunset Beach, where residents enjoy beautiful sunsets and some of the best restaurants and watering holes in the region.
Bridgewater’s Kori Billings CCIM sells 3 offices totaling $1.346M to repeat client
OLDSMAR, Fla. (May 25, 2021) – Bridgewater Commercial Real Estate announces the sale of three office condos at 630 Brooker Creek Blvd. The three offices total 8,432 SF square feet.
“With this purchase the buyer, UDC Inc., has secured three, 3-star units in a location easily accessible for both Pinellas and Hillsborough employees,” the selling agent Kori Billings CCIM said. UDC provides digital project support for gas and electric utilities.
Billings represented the landlord when UDC leased its first Florida office in 2018, just 1,500 square feet, on Bearss Avenue in Tampa. In three short years, the company has grown from just a handful of employees to more than 55.
Both the seller and buyer exercised Section 1031 tax-deferred exchanges in this transaction.
Bridgewater’s Dumke Sells Gateway Industrial Building for $2.85M
ST. PETERSBURG, Fla. (March 19, 2021) – Bridgewater Commercial Real Estate announces the sale of 12105 28th Street North, a 20,572-square-foot office/warehouse for $2.85 million or $139 per square foot.
“The buyer, Blue Water 6, LLC is getting a Class A flex building in St. Pete’s Gateway District, just minutes from I-275 and less than 15 miles to either Pinellas International or Tampa International Airport,” listing broker Kris Dumke said. The building includes three loading docks and a drive-in bay and includes 5,000 square feet of office space.
The new owner will relocate its headquarters to the facility. The company offers packaging solutions for some of the biggest names in the restaurant business. PinoMedical Inc. was the seller.
The Gateway area in north St. Petersburg includes more than 2,700 businesses and 60,000 employees. A workforce population of more than 700,000 people live within a 30-minute drive.
Bridgewater’s Huntington Sells South-Central St. Pete Warehouse
ST. PETERSBURG, Fla. (March 10, 2021) – Bridgewater Commercial Real Estate announces the sale of 4116 Eighth Ave. South, a 3,528-square-foot free standing air-conditioned warehouse for $371,000 or $105 per square foot. The building sports two 1,750-square-foot units with grade level doors and 14-foot ceilings.
“Small warehouses are in huge demand in St. Petersburg. This is a nice property in a growing area of the city – just south of downtown, near all the happenings in the Arts Warehouse District and close to U.S. 19 and I-275,” the buyer’s agent Dan Huntington said.
The Bank of Tampa’s Chad Wommack handled the financing for the Buyer, All The Things St Pete LLC.
Bridgewater’s Patty Huntington sells Treasure Island condo
TREASURE ISLAND, Fla. – (March 8, 2021) Bridgewater Commercial Real Estate announces the sale of a one-bedroom, 1-bath condominium, just steps from public beach access, in Treasure Island.
The 580-square-foot-unit at 9715 Harrell Ave. #31, built in 1975, was under contract in 15 days. Residential Investment Broker Associate Patty Huntington was the listing agent. The condo sold for $172,000.
Treasure Island, a local favorite, is known for its bars and restaurants, gulf-front hotels, and beautiful beaches. Treasure Island Beach was just named the 16th best beach in the United States, according to Trip Advisor.
Bridgewater Commercial completes 5 lease deals so far this month
ST. PETERSBURG, Fla. (Feb. 11, 2021) – Bridgewater Commercial Real Estate has been active in February, securing two industrial lease transactions, a pair of retail leases and one medical office transaction.
Bridgewater’s Kris Dumke, Laura Guroian, Dan Huntington, and Dee Maret were the agents involved in these transactions:
- Huntington, who represented the landlord and the industrial tenant, leased 11,000 square feet at 1509 49th St. in Gulfport. The new tenant provides engineering and design services for the recreational marine industry.
- Dumke, who represented the landlord and the industrial tenant, leased 1915 13th Ave. in St. Petersburg. The new tenant is a building contractor.
- Guroain, representing a relocating church tenant, was able to secure a more desirable Largo retail location for its membership at 152 8th Ave. SW.
- Maret, who represented both the landlord and tenant, leased 5108 Gulfport Blvd. in Gulfport to a retail smoke shop with multiple locations in West Central Florida.
- Huntington represented both the landlord and the tenant for a medical office space at 715 49th St. in St. Petersburg. The new tenant is a massage therapist.
Bridgewater Commercial’s Dumke sells St. Pete industrial property
ST. PETERSBURG, Fla. (Jan. 19, 2021) – Bridgewater Commercial Real Estate announces the sale of a 3,444 square-foot office-warehouse property at 1915 13th Ave. N., near Downtown St. Petersburg. It closed for $490,000 or $142 per square foot.
Kris Dumke, Bridgewater’s managing broker, represented the buyer “1915 13th Avenue LLC.” Ned Willis, of Vector Commercial, was the listing agent for “Dune Shores LLC.” The distribution facility was built in 1940 on a quarter-acre lot and includes a fenced yard.
“St Petersburg has a limited amount of industrial zoning, our client realizes the potential of this property’s ‘IT’ zoning as St Petersburg’s population continues to grow.” Dumke said.
Although the South Pinellas industrial market generally has an aging inventory and property sizes are below the Tampa Bay area market average, this location near downtown and I-275 was quite desirable to the buyer. Inventory remains low in the submarket, vacancy rates are under 5%, and the annual rent growth is a robust 5.6 percent.
Bridgewater Commercial’s Shane Billings leases Lutz office space
LUTZ, Fla. (Jan. 13, 2021) – Bridgewater Commercial Real Estate announces an office lease transaction for 17703 Hunting Bow Cir.
Shane Billings, the listing agent, secured the tenant in fewer than 90 days. The modern office space, built in 2009, includes five offices, a reception area, and a large conference room.
The Lutz office market, north of Tampa, has seen rising vacancy rates over the past year. However, experts believe office deals will pick up as many users turn to suburban markets and will exit costly downtown spaces as Tampa Bay area office workers begin to return to the workplace as the nation recovers from the pandemic.
Bridgewater Commercial’s Maret Sells 3 lots in Gulfport
GULFPORT, Fla. (Jan. 8, 2021) – Bridgewater Commercial Real Estate announces the sale of three single-family residential lots totaling approximately ½ acre for $440,000. The individual lots sold for $135,000, $150,000, and $155,000.
The adjacent lots are located at 51st Street S. and 23rd Ave. S., close to several newly constructed homes. One of the sold parcels includes an existing 520-square-foot studio.
Dee Maret CCIM, was the sole real estate associate involved in the 3 transactions. The seller was Richard R. Yarrington. Maret also represented Yarrington in the sale of two duplexes at 2217 and 2221 51st St. S. in September 2020.
Conceptual retailer Greenslate Studio inks lease in Seminole
SEMINOLE, Fla. (Jan. 4, 2021) – Bridgewater Commercial Real Estate announces the completion of a 3-year lease transaction of approximately 1,150 square feet of retail space at 8460 Seminole Blvd.
The new tenant, Jaise Rizzo, CEO and designer of Greenslate Studio, recently returned to his hometown of Clearwater after a 9-year stint in the fashion and apparel industry in Los Angeles. Partnering with his brother Nick Rizzo, the pair plans to bring a new wave to the area. A fuse of natural and coastal vibes, the brothers’ boutique offers a unique experience — a transparent work studio viewable for customers to feel a part of the creative process. Greenslate Studio plans to open its doors this spring.
“This conceptual experience is something we’ve been planning on for a long time. The clothing is carefully curated surf-streetwear, vintage apparel, accessories and footwear. Beyond clothing, it allows the everyday person, who may love keeping up with their favorite brands on social media, the opportunity to see behind the scenes as to what all goes into the everyday grind of a brand or designer. I don’t think I’ve seen this kind of thing anywhere else, ” Jaise Rizzo said.
The nicely updated space is near the popular Seminole City Center and other national retailers along Seminole Boulevard, a busy north-south roadway that draws approximately 37,000 daily motorists.
Bridgewater Broker-Associate Dee Maret CCIM was the sole agent involved in the transaction. Betty J. Savoretti Trust is the landlord of the 4,180-square-foot property that also includes a nail salon and 5 storage units.
Bridgewater’s Patty Huntington sells $1.130M Pass-A-Grille home
ST. PETE BEACH, Fla. – (Dec. 11, 2020) Bridgewater Commercial Real Estate announces the sale of a three-bedroom, 3-bath beach home, just steps from public beach access, in historic Pass-A-Grille.
The 2,022-square-foot-home at 104 23rd Ave., built in 1938, was under contract in just seven days. Residential Investment Broker Associate Patty Huntington was the listing agent. The home sold for $1.130 million.
Pass-A-Grille, a small beach community at the southern end of St. Pete Beach is known for its restaurants, quaint hotels, fishing, boating and some of the best sunsets on the planet.
Bridgewater Commercial’s Kori Billings Earns CCIM Designation
TAMPA, Fla. (Nov. 17) – Kori Billings, CCIM, received the coveted Certified Commercial Investment Member (CCIM) designation from the CCIM Institute on Monday.
Billings, a commercial associate with Tampa Bay-area based Bridgewater Commercial, was among the 12 commercial real estate professionals who earned the designation by passing the CCIM Institute’s comprehensive examination, the capstone element in the designation process.
“I’m so proud of Kori. The CCIM designation, earned during this worldwide pandemic, truly shows her commitment to her clients and our industry. I feel so fortunate to be associated with such a dedicated and successful professional,” said Kris Dumke, Bridgewater Commercial’s broker.
Billings specializes in representing buyers, owners and tenants of office and retail properties. Additionally, she is Bridgewater’s exclusive Business Broker, with sales in restaurant, day care and equipment rental businesses.
Billings’ clients get the added value – not only of her CCIM education – but also an analytical perspective with her eight years of experience as a Florida Real Estate Appraiser.
To earn the CCIM designation, commercial real estate professionals must complete more than 160 hours of case-study driven education covering topics such as interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis, and ethics in commercial investment real estate. Candidates must also compile a portfolio demonstrating the depth of their commercial real estate experience.
CCIMs average 42% more transactions annually than a typical brokerage specialist. Of the more than 150,000 commercial real estate professionals in the United States, only an estimated 6 percent hold the CCIM designation.
Bridgewater’s Dumke Sells Central Avenue Free-standing Office Building
ST. PETERSBURG, Fla. (Oct. 30, 2020) – Bridgewater Commercial Real Estate announces the sale of 4763 Central Ave., a 1,574-square-foot free standing office building for $325,000. It includes six private offices, a kitchenette and great signage.
“This was a perfect building for the user, just off the intersection of Central and 49th Avenue, and perfectly situated between the beaches and downtown,” Bridgewater Managing Broker Kris Dumke said. TBFL Properties, a real estate brokerage company, was the buyer.
Dumke, who represented the seller, Moore Resource Management Group, believes small free-standing properties will continue to be in greater demand during and after the COVID-19 pandemic. “Small business owners are looking to vacate costly downtown properties and buy properties while interest rates remain low,” Dumke said.
Employees will always appreciate free parking, private offices and shorter commutes, Dumke said.
Bridgewater’s Kori and Shane Billings Sell Taylor True Value Rental Center
Inverness, Fla. (Oct. 29, 2020) – Bridgewater Commercial Real Estate announces the $900,000 sale of a 4,624 SF True Value Rental Center at 3315 E. Gulf to Lake Highway. Kori and Shane Billings overcame numerous hurdles during the 126-day contract period including a PPP loan, seller note and revenue proforma to satisfy increased lender scrutiny in today’s economic climate. The Buyer obtained SBA 7A financing, which provides for business acquisition and working capital, through Central Bank in Tampa.
The business and property were listed just prior to COVID-19 and went under contract in June. The Buyer was not represented in the transaction. The Sellers had previously listed with another brokerage for a year and received no offers. Kori Billings is Bridgewater’s exclusive Business Broker and Shane Billings’ 26-plus years of environmental consulting experience brings added value to real estate deals. This transaction is the Billings’ second True Value Rental Equipment business with real estate sold this year. The duo represented the seller of True Value Rental of Crystal River, which closed in April for $3 million.
Locally owned and operated, this True Value location has been serving the community with the finest in construction and home project rental equipment and sale items since 1993. Equipment rental and sales stores are thriving during the COVID-19 pandemic and are considered essential businesses that remained open during the statewide shutdowns. Please contact Tampa Bay area-based Bridgewater Commercial Real Estate to learn more about positioning your business and real estate to sell.
Bridgewater Commercial’s Kori Billings Sells Church Facility
ZEPHYRHILLS, Fla. (Oct. 29, 2020) – Bridgewater Commercial Real Estate announces the sale of 39440 Lincoln Ave., a 3,540-square-foot free standing church building for $240,000. The church, built in 1980, can accommodate 130 worshipers and includes classrooms and an executive suite.
Kori Billings represented the buyer, New Life Covenant Inc. “COVID-19 has been difficult for many churches. I’m happy we were able identify this opportunity for New Life Covenant and complete the transaction,” Billings said.
Coldwell Banker Commercial represented the seller, Zephyrhills Hispanic Church of God.
Bridgewater Commercial’s Patty Huntington closes 4 residential transactions
SAINT PETERSBURG, Fla. (Oct. 23, 2020) – Bridgewater Commercial Real Estate’s Residential Investment division has had quite a 10-day stretch of activity.
Broker Associate Patty Huntington, who heads the division, closed four properties between Oct. 14 and today:
- A Largo single-family home at 13675 Kimberly Oaks Circle on Oct.14.
- A condominium at The Mansions at 7600 Bayshore Dr. #406A in Treasure Island on Oct 19.
- A condominium at Isla Del Sol at 6291 Bahia Del Mar Circle #702 in St. Petersburg on Oct. 20.
- A vacant residential lot on 12th Avenue in Indian Rocks Beach today.
“The pandemic has not slowed down buyers at all. These transactions included out of state second-home buyers, a local couple looking to relocate elsewhere in Pinellas and buyers looking to construct their new dream home. It feels great to make all these people happy,” Huntington said.
Bridgewater Commercial’s Maret Sells Clearwater Showroom
CLEARWATER, Fla. (Oct. 14, 2020) – Bridgewater Commercial Real Estate announces the sale of 1215 Lakeview Road, a 1,558-square-foot office/showroom for $267,500.
“This was a neat little property on a 1/3 of an acre across from a Publix Shopping Center. The buyer works in home improvement and intends to utilize the space as a showroom and has plenty of room for his vehicle fleet as well,” listing agent Dee Maret CCIM said.
ReMax Elite’s John Koutroumanis represented the buyer. CenterState Bank handled the financing for the buyer.
Bridgewater’s Dumke lists a climate controlled warehouse in Gateway – $2.995 million
St. Petersburg, Fla. (Oct. 12, 2020) – Bridgewater Commercial Real Estate has secured an exclusive agreement to sell a 20,572-square-foot Class A Flex Building in the Gateway
District. The property, zoned Employment Center-1, offers approximately 15,370 square feet of industrial space and 5,200 square feet of renovated office space. It is hig
hlighted by 3 loading bay doors (expandable to 7), five private offices, 3 labs with sinks, conference room and an additional 11,600 SF of fully sprinklered mezzanine space.
“This property is a must-see for anyone needing a facility for industrial and commercial warehousing, distribution, medical research or medical lab work,” Broker Kris Dumke said. For more information or to schedule a tour of the facility, contact Dumke at 727-213-8972. The owner would consider a long-term lease for a qualified tenant.
Bridgewater Commercial’s Guroian Sells Largo Shopping Center
LARGO, Fla. (Oct. 1, 2020) – Laura Guroian and Bridgewater Commercial Real Estate, LLC announce the sale of West Bay Village Plaza adjacent to Ulmer Park at 201-251 West Bay Drive. The plaza is located in downtown Largo, minutes from Clearwater Beach.
Commercial Realtor Laura Guroian represented the buyer, Benedicts Restaurant, and the undisclosed seller of the plaza. Over the past year, the 10,228-square-foot retail space has become home to four new businesses; Benedict’s Restaurant, Duff Web (web site designer), Midori Eco Salon and Spa and The French Nest Boutique (interior design and home décor).
Guroian represented all four tenants and the plaza ownership in every lease transaction.
Guroian is a Largo resident, small downtown business owner and a member of Largo’s Community Redevelopment Agency Advisory Board.
“I worked very hard to upgrade the plaza consistent with the city’s vision for renewal of the Central Business District. These are neighborhood-based businesses that are good for our community and our local economy.”
Bridgewater Commercial’s Huntington Sells Residential Portfolio for $1.285 million
ST. PETERSBURG, Fla. (Sept. 22, 2020) – Bridgewater Commercial Real Estate, LLC announces the portfolio sale of 10 four-bedroom, two-bathroom rental homes for $1.285 million, generating a 7.8% capitalization rate.
The homes are within a 10-minute drive of downtown St. Petersburg and all within a 1.6-mile radius. The rentals were fully occupied.
“Single family rental portfolios were in great demand prior to COVID-19 and they have gotten more desirable as we cope with this pandemic. I was fortunate to represent the same seller who sold 77 homes to a national entity last year,” said the listing agent Dan Huntington.
Commercial real estate investors have steered clear of retail, office, hospitality, and other sectors in recent months and concentrated on what they believe to be the most pandemic-proof – medical office, industrial properties and single-family residential investments.
August statistics, the latest available from Stellar MLS for Pinellas County, show the available residential inventory down an eye-popping 33 percent from a year ago. In August 2020, there were 31,667 homes on the market in the entire county as opposed to 47,476 during the same time frame in 2019.
Cheryl Carver of Polaris Residential Inc. represented the undisclosed buyer in this sale.
Bridgewater’s Soukas Leases 3,200 SF Flex building in Clearwater
CLEARWATER, Fla. (August 20, 2020) – Bridgewater Commercial Real Estate announces the completion of a 5-year lease transaction for a 3,200 square-foot office and warehouse at 4201-4205 116th Terrace N. The new tenant, who is an air-conditioning sales and repair service company, was drawn to the central location – close to I-275 and 20 minutes to Tampa’s Westshore area or downtown St. Petersburg.
The $545 million Gateway Expressway, currently under construction will make the location even better, commercial associate Matt Soukas said. Soukas represented the landlord and the tenant in the transaction. The 26,800-square-foot facility was built in 1998.
Bridgewater’s Shane Billings Sells Family Dollar for $1.58 million
OCALA, Fla. (July 8, 2020) – Bridgewater Commercial Real Estate announces the sale of a 8,050-squarefoot Family Dollar at 6814 SE Maricamp Road for $1.58 million. The property traded at a 9% capitalization rate. Family Dollar recently extended their original 10-year lease for five more years through June 2025, and the retailer has a five-year renewal option remaining. The national retailer has direct frontage on S.R. 464 with average daily traffic of more than 33,000 vehicles. The building was built in 2009, during the great recession, when consumers across the nation began to turn to dollar stores in record numbers. This building sits on 1.07 acres. Bridgewater’s Shane Billings represented the undisclosed buyer. Dollar stores are thriving again during the COVID-19 pandemic. Dollar General, Family Dollar and Dollar Tree are considered essential businesses and have remained open during the pandemic shutdown. Retail experts forecast budget-conscious shoppers, worried about the economy and job losses, will further strengthen this discount group’s market share. Dollar Tree bought Family Dollar in 2014. “It was very satisfying to have my client finally close on a quality deal after having been under contract on two other properties this year. David Darnell with First Citizens Bank in Tampa helped make the deal work with very favorable terms. This particular Family Dollar store reportedly saw a 65% increase in sales during April and is still doing extremely well. An additional bonus is that the store will be completely remodeled by Family Dollar in September,” Billings said.
Bridgewater Commercial’s Maret Sells Flex Building for $1.2M
TAMPA, Fla. (June 5, 2020) – Bridgewater Commercial Real Estate, LLC announces the sale of a 3,999 square foot office/warehouse property north of Tampa International Airport for $1.2 million.
DavGreg, LLC sold the 1-acre property at 6996 Anderson Road to Vetkor Base Camp, LLC.
“This deal required three extensions through the pandemic, but we got it done and at full price. The buyers are acquiring a modern flex building with easy access to the Veterans Expressway and Interstate 275,” said Dee Maret CCIM, the broker-associate who represented the seller in the transaction.”
Bridgewater’s Kori Billings leases office space for 5 years
LARGO, Fla. (May 1, 2020) – Bridgewater Commercial Real Estate’s Kori Billings represented the landlord, JonOsh Properties II, in a 62-month office lease transaction at 11200 Seminole Blvd. Suite 210.
This building still has a few options to lease and can be viewed here.
The tenant, Verimed Health Group Seminole, took 3,682 square feet and was represented by Moniquie Petronje of Klein & Heuchan.
“Kori has handled several suites in this building for the landlord, but this medical office space was the largest available. It was turn-key too,” Bridgewater’s managing broker Kris Dumke said.
The Spice and Tea Exchange is coming to Sundial St Pete
Broker’s Note: Bridgewater Commercial Real Estate was proud to represent franchise owners Lisa Coleman and Brian Himert of The Spice & Tea Exchange that is expected to open for business on May 1. The Spice & Tea Exchange stores operate in 68 locations in 30 states around the United States.
By St. Pete Rising | Monday, March 9th, 2020
ST. PETERSBURG, Fla. — The Spice & Tea Exchange has just signed a lease for a location at Sundial St. Pete. They will be moving into the 1,218 SF space previously occupied by the Rowdies & Rays Team Store on the first floor of the shopping center.
“This is one of the last prime spots left in Sundial, we are so happy to have such a great shop in our center” said Bill Edwards, Owner of Sundial.
The Spice & Tea Exchange caters to people who love to cook, eat, and host guests. They are known for offering an extensive selection of exotic teas, spices, exclusive seasonings, salts, and naturally-flavored sugars. Their diverse assortment of goods is guaranteed to kick your senses into high gear as you explore all they have to offer.
Founded in 2008 as a small shop in St. Augustine, the Spice & Tea Exchange was created by individuals with a passion for life and food. Their high-quality products quickly gave them nation-wide recognition.
Husband and wife duo Lisa Coleman and Brian Himert are the owners of the St. Pete location and they couldn’t be more excited for the recent growth of Downtown St. Pete. “We love downtown,” says Coleman. “We are down there all the time eating, going to festivals and indie markets. St. Pete is definitely not a cookie cutter city.”
The Spice & Tea Exchange will also have a tea bar, where customers can order any of the 50+ loose leaf teas hot or iced.
Additionally, the shop will make 80+ spice blends in-house in plain view of the customers at the Blending Theater. “It is our mission to provide a unique spice and tea shopping experience and to generate excitement by immersing our customers in rich and vivid sights and smells,” says Coleman.
This year is slated to be a big one for the downtown shopping center. Work has recently begun on a 25,000 square foot food hall by the same team that brought Armature Works to life in Tampa. Also, the popular St. Pete-based coworking company, Station House, announced plans to move into a 8,300 square foot space on the second level of Sundial.
With so much change on the way, it’ll be interesting to see if Sundial can successfully reinvent itself in a market flush with dining and shopping options.
The Spice and Tea Exchange is hoping to open at Sundial by May 1st. Be sure to follow them on Facebook and Instagram to stay up to date on grand opening plans.
Wine bar, boutique hotel add new experiences to emerging Edge District of St. Pete
TUESDAY, SEPTEMBER 10, 2019|
A new Marriott Tribute Collection boutique hotel is coming, more residential is going up, and now St. Petersburg’s rapidly growing Edge District will be getting its first wine bar and bottle shop.
CellarMasters Wine Bar & Bottle Shop will have both indoor and outdoor seating and is expected to be open around Thanksgiving of his year.
According to Owner Ryan Rugg and Business Partner Kory Lynn, CellarMasters will offer both a retail venture focused on selling wine from small-batch, independent vineyards — no big brands, and a social venue offering wine and beer by the glass, along with appetizers and small plate options.
Located at 1005 1st Ave. N., the 2,190-square-foot wine bar and bottle shop is taking over a former ‘70s era office building with extensive renovations currently underway inside, says Rugg.
“We are really excited about the Edge District and what’s taking place there,” says Rugg. “It’s totally walkable, very funky and fun. And it’s artistic with lots of murals on buildings. It’s the perfect part of town for us. We are super stoked. There is no other business similar to what we will be bringing here.”
Rugg recently moved to St. Pete from Oakland, CA., and says there are many similarities between the two cities. “Both are young and hip and edgy,” says Rugg.
Rugg and Lynn are veterans in the wine industry. Rugg’s background includes working as CellarMaster/Winemaking Supervisor producing wine in the San Francisco Bay area, as well as working as a wine wholesaler and retailer. Lynn is a sommelier and has years of experience opening wine bars in markets around the country and in selecting wine for restaurants and retailers.
“We’re both well-educated in wine and hope to bring that education to the customer,” says Rugg.
Bridgewater Commercial Real Estate realtors Dan Huntington and Dee Maret helped secure the property, which is one block west of the new Icon Central Luxury Apartments, a mixed-use development with 15-story luxury apartments with amenities such as an outdoor movie lawn, indoor Zen garden, and art exhibits. The complex incorporates the historic 1926 Union Trust Bank building at the corner of Central Avenue and 8th Street North.
Located between 1st Avenue North and 1st Avenue South, and 9th Street North and 16th Street North, the Edge District has been experiencing skyrocketing economic development as the success of St. Pete’s downtown spreads west.
“It’s not the ‘Edge’ it once was, the district is becoming more and more a central part of town,” says Maret.
According to the Edge District’s Executive Director Barbara Voglewede, there’s been a $75 million investment in the district in the last year or so. In the spring the much-anticipated three-story St. Petersburg Police Station opened, giving the city a new police headquarters with several cool features — a solar photovoltaic roof with 1,450 solar panels on the parking garage and three public art sculptures by two local artists — Mark Aeling of MGA Sculpture Studio, and Catherine Woods of C Glass Studios.
Also, earlier this year, the Edge District commissioned 10 public art sculptures by artist James Brenner to mark the perimeter boundary line of the district. Brenner’s sculptures are made of sculpted jade green glass and stainless steel with LED lighting.
“The Edge District is still affordable,” says Rugg. “If you look around at the businesses, restaurants, and bars located here, most are locally owned and they are all true to the culture of St. Pete.”
By Susan Taylor Martin | Tampa Bay Times
ST. PETERSBURG — In yet another sign that the United States is becoming a nation of renters, a Texas company has bought 77 single-family rental homes in St. Petersburg.
Amherst Residential LLC paid a total of $7.06 million this week for the houses, mostly between Fifth Avenue S and 30th Avenue S. The area is seeing more interest from investors as downtown St. Petersburg experiences a boom in high-end apartments and other parts of Pinellas County are getting unaffordable for lower-income renters.
Dan Huntington, the agent who brokered the sale, said he had heard that Amherst was looking for houses in Pinellas as it expands its portfolio. Since 2012, the company has acquired more than 25,000 houses nationwide and is stepping up its investment in high-growth areas such as Tampa Bay.
“I know the owner (of the houses) was looking to sell so I contacted Amherst and started negotiating,” Huntington said Friday. “It probably took us seven or eight months.”
The owner had gradually acquired the houses, some in foreclosure sales.
“He’s older, and it’s just time to retire,” Huntingon said.
The houses have between two and four bedrooms, and currently rent for between about $900 and $1,400 a month. Many of the tenants receive some type of government help with the rent.
In 1965, roughly 63 percent of Americans owned a home, according to the U.S. Census Bureau. Home ownership peaked in 2004 at 69 percent, then fell back to 63 percent in 2015 as many people lost their homes to foreclosure. As of April, the ownership rate had risen to just over 64 percent.
During the foreclosure crisis, huge real estate investment trusts like Invitation Homes and Starwood Waypoint snapped up an estimated 8,000 homes in the Tampa Bay area to use as rentals. Invitation and Starwood merged in 2017, and the combined company continues to rent out hundreds of houses, especially in unincorporated areas of Hillsborough County.
Huntington, an agent with St. Petersburg-based Bridgewater Commercial Real Estate, said he’s noticed that younger people are less interested in home ownership than baby boomers like himself were.
“Our dream was always to own a house and a lot of people nowadays that’s not part of their dream,” he said. “They lease their cars and they rent their houses.”
Just Like Starting Over (Business Observer)
Citing Low Vacancy, St.Petersburg Pushing for More Offices on Key Downtown Development Site (Co-Star News)
Dee Maret, CCIM, and Others Join Young Tampa Bay Native in New St. Pete-based Commercial Brokerage (CCIM West Coast)
Tropicana Field Redevelopment Offers Plenty of Possibilities for St. Petersburg (Co-Star News)
What 2019 looks like for 5 Tampa Bay commercial real estate execs (Tampa Bay Business Journal)