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<h6 class="styles_Card__LabelWrapper__27yFr"><a class="byline__secondary" href="https://patch.com/florida/miami">Miami, FL</a>Local ClassifiedAnnouncement<a class="byline__secondary" href="https://patch.com/florida/miami/classifieds/announcements/224310/limestone-asset-management-closes-on-sale-of-retail-office-center"><time datetime="2021-05-06T21:17:53Z">5d</time></a></h6>
<div class="byline byline--avatar"><a href="https://patch.com/users/samantha-mozdzierz"><img class="avatar-img avatar-img--base is-lazy-loaded" src="https://patch.com/img/cdn20/users/22957044/profile_pics/styles/large/public/duree-company-logo-square___25171350075.jpg?width=64" alt="Duree &amp; Company's profile picture" /></a>
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<div><a class="byline__name byline__name--avatar" href="https://patch.com/users/samantha-mozdzierz"><strong>Duree &amp; Company</strong>, Local Business</a></div>
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<p>Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, closed on the sale of a 23,031-square-foot retail and office center for $5.3 million on May 3, 2021. Located at 1914 4th Street North, St. Petersburg, FL, the retail and office center includes an Outback Steakhouse and Panera Bread.</p>
<p>Mark Shellabarger and Ari Ravi of CBRE facilitated the sale on behalf of Limestone Asset Management. The property was sold to a local investor, Ben Mallah, of Equity Management Partners, Inc.</p>
<p>The property is one hundred percent leased to six tenants, providing the buyer a stable cash flow from established tenants and significant upside potential in below-market rents in one of St. Petersburg&rsquo;s iconic commercial properties.</p>
<p>Fourth Street North is the major commercial corridor on this side of St. Petersburg and home to a variety of national and local retailers and service providers. The center is prominently located across the street from Sunken Gardens, in the middle of the coveted residential neighborhoods of Old Northeast, Uptown, Crescent Heights and Snell Isle, and just north of Downtown St. Petersburg. The area has experienced tremendous residential and commercial growth in the last five years, making it one of Tampa Bay&rsquo;s most active downtowns.</p>
<p>Limestone Asset Management is an affiliate of Orion Real Estate Group. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.</p>
<p>&ldquo;We are very pleased with the sale of this retail and office center, as we have added a lot of value to the property since we first purchased it in June 2016 for $2.9 million,&rdquo; said Ibrahim Al-Rashid, chairman of Limestone Asset Management. &ldquo;St. Petersburg is growing and continues to be a desirable market for real estate investors, even during the COVID-19 pandemic.&rdquo;</p>
<p>&ldquo;After executing a national/international marketing process and generating multiple offers, both local and out of area, we moved forward with Mallah who was in a 1031 exchange and liked the short- and long-term outlook of the asset due to its tenant mix and location,&rdquo; says Shellabarger.</p>
<p>&ldquo;Even though we are still in the middle of the COVID-19 pandemic, investors are optimistic about real estate as an investment, especially the Tampa/St. Petersburg market due to the growth we are currently experiencing,&rdquo; according to Ravi.</p>
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Equity Management Closes on Sale of Retail/Office Center

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<div class="meta theme--text"><span class="category">BUSINESS OBSERVER</span><span class="publish-time right">THURSDAY, MAY 6, 2021 </span></div>
<h1 class="title theme--text">Saudi billionaire's son sells St. Pete shopping center for $5.3 million</h1>
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<h6 class="dek left-margin">The 23,000-square-foot center on 4th Street North sold to local real estate investor Ben Mallah</h6>
<div class="author left-margin">by: <a class="text--red" title="See All Articles by Business Observer" href="https://www.businessobserverfl.com/articles/author/business-observer-0">Business Observer</a> Staff</div>
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<p>ST. PETERSBURG - A St. Petersburg retail and office complex owned by a joint venture that includes the son of a Saudi billionaire has been sold.</p>
<p>The 23,000-square-foot center on 4th Street North sold for $5.3 million. Miami-based Limestone Asset Management bought the property in 2016 for $2.6 million.</p>
<p>The property has an assessed value of $3.44 million, according to the website for the Pinellas County Property Appraiser&rsquo;s office.</p>
<p>Limestone Asset Management is partly owned by South Florida businessman and philanthropist Ibrahim Al-Rashid &mdash; the son of Saudi billionaire Dr. Nasser Ibrahim Al-Rashid.</p>
<p>The company, which was founded in 2010 to acquire and invest in commercial and mixed-use property nationwide, includes Ibrahim Al-Rashid&rsquo;s brothers, Salman Al-Rashid and Mohammad Al-Rashid.</p>
<p>Limestone is a joint venture with Miami-based Orion Real Estate Group.</p>
<p>It currently has about $200 million in assets in the United States.</p>
<p>In September, Limestone bought two retail properties in St. Armand&rsquo;s Key &ndash; 62 St. Armands Circle and 371 St. Armands Circle &ndash; for $15.5 million.</p>
<p>The St. Petersburg center was sold to local investor Ben Mallah of Equity Management Partners.</p>
<p>Mallah is a well-known commercial real estate investor who bought The Shops at John&rsquo;s Pass, a Madeira Beach tourist attraction, in 2019 for $17.2 million.</p>
<p>The center, which is across the street from Sunken Gardens and north of downtown St. Petersburg, is fully leased. Tenants include Outback Steakhouse and Panera Bread.</p>
<p>A press release announcing the sale says the property and its leases gives &ldquo;the buyer a stable cash flow from established tenants and a significant upside potential in below-market rents in one of St. Petersburg&rsquo;s iconic commercial properties.&rdquo;</p>
<p>Kevin Sanz, president of Orion, did not reply to an email seeking comment on why the center, given that upside, was put up for sale.</p>
<p>Ibrahim Al-Rashid, Limestone&rsquo;s chairman, said in a statement that St. Petersburg is &ldquo;growing and continues to be a desirable market for real estate investors.&rdquo;</p>
<p>Ibrahim Al-Rashid and his family, according to the Miami Herald, have given millions to the University of Miami, where Al-Rashid is an alum. That includes donating $10 million for the school&rsquo;s Dr. Nasser Ibrahim Al-Rashid Orbital Vision Research Center in 2012.</p>
<p>The newspaper reported last year that Ibrahim Al-Rashid, whose mother is Lebanese-French socialite Mouna Ayoub, paid $6.3 million for the house next door to his home on Hibiscus Island on Miami Beach.</p>
<p>Ibrahim Al-Rashid planned to tear down the 6,000-square-foot house, the Herald reported, and replace it with a private gym and spa.</p>
<p>Then in February, Al-Rashid told the Herald that he paid $6 million for a 5,427-square-foot single-family home on a 10,500-square-foot waterfront lot that month.</p>
<p>The paper wrote that the house is two doors down from his main house.</p>
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The 23,000-square-foot center on 4th Street North sold to local real estate investor Ben Mallah

Real estate Investor Ben Mallah

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<h1 class="single-header-title">Greystone sells Lantana apartments to real estate mogul for $10M</h1>
<h2 class="single-header-subheading">94-unit complex was built in 1996</h2>
<h2 class="single-header-subheading"><a style="font-size: 14px;" href="https://therealdeal.com/miami/2021/03/19/greystone-sells-lantana-apartments-to-real-estate-mogul-for-10m/"><span class="d-none d-md-inline pr-1">https://therealdeal.com/miami/2021/03/19/greystone-sells-lantana-apartments-to-real-estate-mogul-for-10m//</span></a></h2>
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<div class="col-7 col-md-3 order-md-3 text-right" title="March 19, 2021 01:30 PM"><span class="single-header-date"><span class="d-none d-sm-inline">March</span> 19, 2021</span> <span class="single-header-time">01:30 PM</span></div>
<div class="col-12 col-md order-md-2"><span class="single-header-byline">By <a href="https://therealdeal.com/miami/author/lidia-dinkova/" rel="noopener">Lidia Dinkova</a></span></div>
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<p class="wp-caption-text">Villas at Cove Crossing at 2730 Lantana Road with Equity&rsquo;s Ben Mallah and Greystone CEO Stephen Rosenberg (Google Maps  ) </p>
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<p>Real estate tycoon Benjamin Mallah picked up an apartment complex west of Lantana for $9.9 million.</p>
<p>Records show New York-based Greystone, through affiliate Cove Crossing Harmony Housing, sold the 94-unit Villas at Cove Crossing to Mallah&rsquo;s affiliate, Lantana Road Apartments. The deal equates to $105,319 per unit.</p>
<p>The garden-style community at 2730 Lantana Road, built in 1996, spans 7.7 acres. Amenities include two pools and tennis courts.</p>
<p>The sale represents a slight uptick in value, as Greystone, led by Stephen Rosenberg, bought the property in November 2015 for $6.9 million, a deed shows.</p>
<p>Mallah, managing member of Largo-based Equity Management Partners, invests in multifamily as well as other commercial real estate in Tampa Bay, other parts of Florida&rsquo;s west coast and South Florida, according to its website. It also manages rental complexes, hotels and restaurants.</p>
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<p>Mallah has been profiled in several publications for his rags-to-riches life, as he grew up in a low-income family in Queens and then worked as a garbage collector in California before venturing into real estate. MoneyInc.com reported Mallah&rsquo;s net worth last year at $250 million.</p>
<p>Mallah has made several ventures into South Florida real estate in recent years. In March 2018, he bought the 253-key Sheraton Suites Fort Lauderdale at Cypress Creek for <a href="https://therealdeal.com/miami/2018/03/29/equity-management-partners-buys-sheraton-suites-fort-lauderdale-at-cypress-creek/" target="_blank" rel="noopener">$18.3 million</a>, shortly after the hotel reopened following water damages caused by Hurricane Irma. The year before that he sold a 145-key hotel in Fort Lauderdale for <a href="https://therealdeal.com/miami/2017/05/18/stambul-pays-14m-for-fort-lauderdale-hotel-plans-redevelopment/" target="_blank" rel="noopener">$13.8 million</a> to Stambul, the company that converted downtown Miami&rsquo;s National Bank building into the Langford Hotel.</p>
<p>In late 2019, Mallah sold an 183-key Boca Raton hotel for <a href="https://therealdeal.com/miami/2016/12/29/investment-group-cashes-out-of-boca-hotel-with-14m-sale/" target="_blank" rel="noopener">$14 million</a>, two years after he bought it at a bankruptcy auction for $9.25 million.</p>
<p>Greystone developed the 100-unit apartment building Blume Coral Gables, previously named The Aura, and started <a href="https://therealdeal.com/miami/2019/03/24/new-coral-gables-apartment-building-hit-the-market-with-rents-starting-at-nearly-2000/" target="_blank" rel="noopener">leasing</a> in March 2019.</p>
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Greystone sells Lantana apartments to real estate mogul for $10M

<p>MADEIRA BEACH &mdash; Buffeted by storms and recession, the Marina at John's Pass is getting a new lease on life.</p>
<p>Entrepreneur Ben Mallah paid $17.2 million Friday for the waterfront complex, a popular but run-down tourist attraction with shops, water sports and restaurants, including Hooters, Bubba Gump Shrimp Co. and the Friendly Fisherman.</p>
<p>"It's been really neglected,'' Mallah said of the marina. "We're gonna come in, give it a bunch of TLC, clean and paint, get more stores and entertainment in there and get it like it should be.''</p>
<p>Mallah, who owns numerous properties throughout the Tampa Bay area, bought the 138,715-square-foot marina through the online auction site Ten-X. The property, part of what is commonly called John's Pass Village and Boardwalk, had been marketed as an "irreplaceable waterfront location'' that is Pinellas County's No. 1 tourist destination.</p>
<p>Included in the sale was Hubbard's Marina, named for a longtime Pinellas family that owned the entire marina from the mid-1970s to 2008. The Hubbards built a boardwalk and 325-space parking garage before lenders took over the marina after business slumped due to hurricanes and the recession.</p>
<p>"We lost the property in bankruptcy so during my tenure as vice president and majority owner of Hubbard we've always had a landlord, and the landlord was not easy to work with,'' said Dillon Hubbard, who succeeded his father in the business. "So we're very excited and feeling very positive about this change.''</p>
<p>Hubbard said he will continue renting four boat slips from his new landlord, Mallah, with hopes of expanding. Hubbard's now operates 12 boats out of John's Pass for charters, fishing trips, dolphin-watching and booze cruises.</p>
<p>"Anything you can think of on the water, we've got a boat to do it,'' Hubbard said.</p>
<p>Mallah has often visited and calls a "great place.''</p>
<p>"We feel that we can come in and do what the previous owner wasn't doing,'' he said."It's a neighborhood and tourist meeting place close to our house so it's easy to manage it.''</p>
<p>Mallah, who recently paid $16.5 million for a Belleair Shore mansion, said he plans to lease out the marina's 5,000 square feet of vacant retail space and add more entertainment options.</p>
<p>"Maybe new high- tech simulation stuff,'' he said, adding that he has also talked to a Largo company that makes amphibious vessels that can travel on both land and water.</p>
<p>A high school dropout turned real estate tycoon, Mallah rehabbed the Pelican Walk Plaza shopping center on Clearwater Beach and sold it last year for $14.4 million. Recent acquisitions include an LA Fitness Center in Largo.</p>
<p>"We're trying to get more into local retail,'' he said, "because we're local and we like working with businesses here in town.</p>
<p>An earlier version of this story should have shown the sellers as L C S Associates LLC.</p>

Real estate mogul Ben Mallah buys Marina at John's Pass for $17.2 million

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