In a sign the retail market in the Tampa Bay area continues to attract investment, Day Pitney Attorney Daniel Diaz Leyva has facilitated the closing of a $16.5 million acquisition loan in connection with a $37.8 million purchase of a shopping center in the City of St. Petersburg. Mr. Diaz Leyva represented the lender, Miami-based City National Bank of Florida. The buyer was Boston Capital LLC, and the seller was Seritage SRC Finance LLC, an affiliated entity of Seritage Growth Properties. The deal closed Sept. 21.
“The St. Pete market continues to attract investment as the area experiences strong levels of growth, and this transaction underscores why City National Bank chose to enter the Tampa Bay area in 2021,” said Mr. Diaz Leyva. “It also demonstrates my client’s ability to fund high-quality assets in one of Florida’s top-performing retail markets.”
The shopping center, located at 2300 Tyrone Blvd. North, St. Petersburg, Florida, is home to credit-quality tenants such as Dick’s Sporting Goods, Five Below and PetSmart. Discount supermarket chain Aldi is set to open its store in the shopping center in the coming months.
Mr. Diaz Leyva’s role included drafting loan documents, reviewing title conditions, corporate authority, and all leases to ensure no terms and conditions in those leases would undermine the collateral and cause any concern for the bank’s security.
Greenberg Traurig Attorney Danielle Gonzalez represented the borrower.
