legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

A parcel of Tyrone Square Mall Sold for $37.8 Million

A parcel of Tyrone Square Mall located at 2300 Tyrone Blvd. in St. Petersburg has been sold for $37.8 million, according to a news release from the attorney representing the buyer’s lender.

The seller, real estate developer Seritage Growth Properties, sold its stake in the shopping center to Boston Capital LLC. The buyer’s address is linked to an A+ Mini Storage facility in Miami.

Seritage owned a wing of Tyrone Square Mall that includes stores like Dick’s Sporting Goods, Five Below, and PetSmart. The rest of the shopping center is owned by Simon Property Group, who also owns International Mall.

Both Seritage and the storage company associated with Boston Capital LLC have not provided any comments regarding the sale.

AI legalese decoder‘s Role in the Situation

The AI legalese decoder can play a crucial role in this situation by assisting in the analysis of the legal aspects of the sale. It can help in:

1. Decoding legal Language: The AI legalese decoder can help in interpreting and simplifying complex legal terms and jargon used in the contract and documentation related to the sale of the mall parcel.
2. Identifying legal Considerations: By analyzing the relevant legal documents, the AI legalese decoder can pinpoint any specific legal provisions, restrictions, or obligations associated with the sale.
3. Quick Processing of Information: The AI legalese decoder can process and extract key information from lengthy legal documents, making it easier for attorneys and stakeholders to understand the terms and conditions of the transaction.
4. Facilitating Due Diligence: By providing a comprehensive breakdown of the legal aspects, the AI legalese decoder can facilitate due diligence processes for all parties involved in the sale, ensuring transparency and clarity.

Overall, the AI legalese decoder can contribute to a smoother and more efficient transaction by simplifying legal language, highlighting essential details, and enhancing understanding among the involved entities.

“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,” attorney Daniel Diaz Leyva said in an emailed statement. “It also demonstrates my client’s ability to fund high-quality assets in one of Florida’s top-performing retail markets.”

The buyer of the parcel received a $16.5 million loan from City National Bank of Florida, further emphasizing the confidence in the local market.

Seritage has a successful track record of redeveloping old Sears department stores across the nation, including Tyrone Square Mall and Clearwater’s Countryside Mall. The redevelopment of Tyrone Square Mall saw the transformation of its Sears space into a Dick’s Sporting Goods. However, the other part of the space struggled to hold a grocery store for years.

After Lucky’s Market and Hitchcock Green Market, Aldi is now expected to fill the vacant space at Tyrone Square Mall. The presence of Aldi is seen as a positive sign of strength and is expected to benefit the existing tenants and attract more foot traffic to the mall.

Given Aldi’s plans to acquire 400 stores from Winn-Dixie and the continuous influx of residents to the Tampa Bay region, City National Bank of Florida felt confident in investing in the property.

In conclusion, the sale of this parcel at Tyrone Square Mall reflects the ongoing growth and investment in the St. Petersburg market. With the AI legalese decoder‘s assistance, legal professionals can navigate the complex legal aspects involved in such transactions, ensuring a smooth and secure process.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link