Torose Buys Retail Space at St. Petersburg Tower

Talk about getting in on the ground floor.

That’s what Miami-based Torose Equities is getting for its money at a new residential tower on the Gulf Coast, with a deal to buy the first-floor retail space in the 20-story Modera St. Petersburg.

Torose will pay $2.4 million to Boca Raton-based developer Mill Creek Residential for 14,000 square feet of space, the Tampa Bay Business Journal reports.

The deal comes as tenants begin to move into the recently completed 383-unit building, which faces the Pinellas Trail.

The ground-floor retail space at the Modera stands to get a lift in the long-term from the planned $6.5 billion Historic Gas Plant District mixed-use development that’s expected to rise next door, anchored by a new stadium for the Tampa Bay Rays.

Modera sits between Interstate 275 and Tropicana Field, the current home of the Rays.

The deal gives Mill Creek some early cash flow from the project in the meantime, and marks the latest acquisition in the St. Petersburg retail market for Torose. The Miami investment firm now has a portfolio of 15 retail properties totaling about 300,000 rentable square feet in St. Petersburg.

“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,” Scott Sherman, founder and principal of Torose Equities, told the outlet.

Modera’s retail offerings include two separate spaces, each with the potential to be divided into as many as eight units. Ceiling heights range from 17 to 21 feet, with 14 dedicated parking spots.

The retail space at the property includes 290 feet of trail frontage. A one-time warehouse across the street from the Modera currently hosts a self-storage business and a rock-climbing gym, but is due for a partial demolition, with plans for a 23-story mixed-use project to fill the gap.