St. Pete investors buy Mise en Place building near downtown Tampa, plan renovations (Renderings)
By Ashley Gurbal Kritzer – Senior Reporter, Tampa Bay Business Journal
Aug 22, 2018, 12:19pm EDT Updated Aug 23, 2018, 10:11am
A joint venture partnership behind some of St. Petersburg's edgy urban developments has acquired a mixed-use building near downtown Tampa, with plans to renovate the property.
Gianco Cos. of Tampa and Miami-based Tricera Capital have purchased 442. W. Kennedy Blvd., home to Mise en Place. HFF arranged a $6.75 million, five-year, fixed-rate loan from JCR Capital for the transaction.
The total purchase price was $8.5 million. Altman Cos., which is under construction on an apartment-and-retail development across Grand Central Avenue from the building, paid $5.25 million for it in late 2016.
The building, built in 1925, includes 24,700 square feet of office space and 12,700 square feet of retail space. It will be renamed the Lafayette Arcade and incorporate some aspects of one of Gianco's best-known projects, the Station House, which is an events venue and coworking space in downtown St. Pete.
Office tenants at Lafayette Arcade will have membership benefits at Station House in St. Pete and the new location in Hyde Park Village.
The property wasn't listed for sale; Tricera principal Ben Mandell said Wednesday that he was able to negotiate a deal through another relationship. The partnership with Gianco Cos. founder Steve Gianfilippo has evolved, Mandell said, through Tricera's work in St. Petersburg.
Tricera has spent $25 million since 2017 buying up properties in St. Pete's Edge and Grand Central districts. The company, run by Mandell and Scott Sherman, is in talks with the city to build a long-needed parking garage in the Edge district, on a property the group acquired earlier this year.
Gianfilippo's expertise is in office; Tricera focuses on brick-and-mortar retail that can stay relevant in an e-commerce-driven world. More office developers are incorporating lifestyle components into their properties, as Gianfilippo has done with Station House.
"Where retail has gone with more entertainment and experience, creative office is going, too," Mandell said. "They mold really well together."
Gianfilippo said the building "fits right into [his] wheelhouse," and that the property will be a value-add to the forthcoming location in Hyde Park Village.
"I love the history, and I love what's going on around us," he said.
The HFF debt placement team representing the borrower included senior director Scott Wadler and director Preston Reid.
“The Tampa Bay area has evolved over the past several years into one of the most desirable cities in the country for real estate investment,” Reid said in a statement. “As a Tampa native, it is exciting to see sophisticated, well-capitalized investors like Tricera Capital buying into the vision of Tampa as a top-performing metro.”