Kennedy Investments is proud to announce the acquisition of the Tyrone Crossings office property. At 72K sq. ft., it one of the largest and tallest office buildings in this trade area. The property, located in southeast St. Petersburg, FL, consists of a 5-story office tower and a 2-story bank branch on 4 acres.
Tyrone Crossings is easily accessible from both US-19 and I-275, is just 15 minutes from downtown St. Pete, and less than 10 minutes from popular Gulf of Mexico beaches. The Tyrone Square neighborhood has experienced a post-recession revitalization, with retail and office space in high demand, and the submarket has one of the lowest office vacancy rates in the entire Greater Tampa Bay area at just 5%.
During the recession, Tyrone Crossing fell into financial difficulties and suffered from deferred maintenance and vacancy for several years. Kennedy Investments purchased this property at auction on behalf of KI Florida Fund I in December 2018 for just under $3.0M.
A multi million dollar 18-month renovation is underway which includes a new roof, new HVAC systems, numerous cosmetic improvements to the property. During renovations, Tyrone Tower will be marketing office space for lease. For leasing information please contact Judy Healy at Ciminelli at (813) 773-0071.