#United States #St. Petersburg #Third Lake Partners #WaterView Center #Walton Street Capital

The Successful Sale of WaterView Retail Center

St. Petersburg, Florida, is once again making waves in the real estate market as Third Lake Partners recently announced that it has successfully sold the WaterView Retail Center, located at the base of the impressive WaterView at Echelon City Center. This retail property, which spans an impressive 14,000 square feet, is fully leased and has become a staple in the community since its completion in 2021.

Property Overview

The WaterView Retail Center not only features a prime retail space but also offers a unique blend of businesses that cater to a variety of needs. Among the tenants are well-known local establishments including Publix Liquors, Back Bar, Feathersound Smiles, Modern Medical, and Brothers Thomas Bespoke Café. This diverse mix of tenants has positioned the property as a vibrant part of the St. Petersburg retail scene, attracting foot traffic and ensuring a steady stream of customers.

The Sale Details

The retail center was purchased by Walton Street Capital, an organization that already possesses the residential part of the Echelon City Center, which consists of 226 multifamily units. This sale marks an important milestone in the evolution of the Echelon City Center, aiming to unify both the residential and retail components under single ownership—a step that Third Lake Partners believes is crucial for the site's ongoing success. Luke Thomas, Managing Partner and Head of Real Estate at Third Lake Partners remarked, “Bringing the residential and retail components under unified ownership is a natural next step for the property.”

A Winning Investment

The sale of the WaterView Retail Center not only signifies a successful exit strategy for Third Lake Partners but also reinforces the strength of Echelon City Center as a mixed-use destination. Robert Forsythe, Founder and Senior Managing Partner of Third Lake Partners, emphasized that the center's strong location and complementary mix of tenants contributed significantly to the property's desirability. He stated, “We are pleased with the outcome of the investment and believe the transaction positions the property well for its next chapter.”

Third Lake Partners: A Brief Background

Founded in Tampa, Third Lake Partners operates primarily as an investment advisory firm focused on real estate, private equity, private credit, and venture capital. With a robust portfolio boasting investments in over $8 billion in real estate projects across more than 20 markets in the United States, the firm has established itself as a key player in the industry. Their disciplined approach and strategic partnerships ensure they continue to create long-term value for their investors.

Conclusion

As Third Lake Partners transitions from owning the retail component of this vibrant community, Walton Street Capital steps in to enhance what is already a prime spot in St. Petersburg. The WaterView Retail Center's successful sale is a testament to the work that has been put into developing the area—and signifies exciting times ahead for both Third Lake Partners and Echelon City Center as they continue to shape the landscape of Tampa Bay.

With the blending of retail and residential components under a single ownership umbrella, the future looks bright for the Echelon City Center as it aims to continue attracting both residents and visitors to its eclectic mix of offerings.