Property History
Centrally located between the world’s most famous beaches where decision makers reside and Downtown St. Petersburg, Tyrone Tower at 1700 66th Street N is a recently renovated office building that has chased occupancy and executed a successful post covid lease up strategy. Tyrone Tower includes 69,309 RSF and totals 72,075 SF across five stories. Over $2,500,000 in renovations were completed since 2020, including new HVAC systems and controls, new roof with warranty, new restrooms throughout, new access systems and a completely remodeled common area. The Property shares cross access with a Publix-anchored retail center, allowing for a short walk to a variety of dining options such as Chipotle, Smoothie King, and CD Roma Restaurant. Crossroads Shopping Center, Tyrone Shopping Center, and Tyrone Square Mall are just minutes from Tyrone Tower by car and foot. The Property is easily accessible within the region via 66th St N, US-19, and I-275. For those utilizing public transportation, there are multiple bus stops in the immediate area along 66th St N and Crosswinds Dr N just outside of the Property. Tyrone Tower offers a true live-work-play environment as a competitive alternative to St Petersburg's CBD, one that is closer to both a qualified workforce in Pinellas county and its main decision makers (see wealthiest zip codes map).
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Currently 88.6% Occupied by 27 tenants | 41.6% Occupied by Medical Tenants.
Adjacent to Publix and Orlando Health.
Excellent Tenant Mix including Medical and Professional uses, most of which have occupied space for an extended period of time and did not require COVID relief.
Significant Medical Presence within the local submarket due to proximity to main hospital systems.
Strong NOI Growth with most leases featuring 3-4% annual rental increases across the rent roll and staggered lease expirations, mitigating risk to the cashflows.
Multiple Signage Opportunities including a large pylon sign at the lighted intersection and one monument sign across from the newly constructed Orlando Health MOB.
Lighted Intersection at 18th Ave N & 66th St N with two Points of Ingress & Egress along 18th, REA in Place providing direct access to the property
True Live-Work-Play Environment within the Tyrone activity overlay featuring all of the walkable elements necessary, including crosswalks, lighted intersections, more than 20 dining options in the immediate area, and access to the Pinellas Trail.
Qualified Workforce with a high percentage of college educated residents in close proximity and an Average Household Income of $103,336 within a 15 minute drive.
Increasing Workforce Population in the Tyrone area as a result the Live Local Act and other initiatives implemented to create more accessible housing options within one of Pinellas County's three main activity centers.
Loan History
Financial History
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