LOCATION

The Property is located in the heart of downtown St. Petersburg on Central Avenue, just three blocks from the water, with easy access to I-275, I-75, and I-375.

Top performing market with a sub-6% vacancy rate.

The location provides spectacular, unobstructed water views of Tampa Bay and the St. Petersburg skyline.

There are extensive walkable amenities nearby, including over 50 restaurants within a 10-block radius.

No new construction due to limited available land with purchase price well below replacement cost of $450 psf.

KEY DEAL POINTS

First Central Tower represents an opportunity for investors to recapitalize a 94.8% occupied Class A office building in Downtown St. Petersburg, FL. The fully stabilized property features 49.4% credit-rated tenants and a 4 year weighted average lease term remaining. This trophy asset provides a durable, stable cash flow stream for investors looking for cash yielding opportunities in a strong office submarket.

Discounted Purchase Price

Purchase price reduced by $3.5M due to COVID-19

Below Replacement Cost

Purchase price below replacement cost of $450 psf

Substantial Improvements

$10 million in capital and tenant improvements recently invested

Excellent Location

3 blocks from waterfront in most affluent sub-market in 4th largest city in the entire Southeast

Favorable Fundamentals

Weighted average rent at $27.94 in $30.00+ market; weighted average lease term 4+ years

49% of all tenants are credit tenants;
no single tenant with over 13% of total square footage

Diversified, Credit Tenants

15.0%

Targeted IRR

1.9X

Targeted Equity Multiple

7.0% - 9.1%

Targeted Cash Yield

20%

Sponsor
Co-Investment

$25,000

Minimum Investment

On a fully stabilized, Class A office building with targeted average cash yield of 9.1%

Earn 7%+ Yield

This offering is only available to accredited investors

SOLD OUT

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Earn 7%+ Yield

Over the last three decades, Feldman Equities has developed or acquired over eleven million square feet of office and retail properties with an aggregate value in excess of $3 billion. Feldman Equities is the largest privately held owner of office buildings in the greater Tampa Bay market and, as with prior projects, expects First Central Tower to be quickly oversubscribed.

This offening is only available to accredited investors