Miami firms buys basement of Snell Arcade • St Pete Catalyst

The basement of the historic Snell Arcade condominium has sold for $1.88 million. 

Miami-based Tricera Capital, which owns several buildings in downtown St. Petersburg, purchased the commercial condo space of the Snell Arcade at 405 Central Ave. from the not-for-profit organization Volunteers of America. 

The commercial condo has been used for several years as offices for Volunteers of America. The 8,582-square-foot condo was also previously used for restaurant and retail operations.

The unaffected businesses that operate in the building’s ground-floor retail space including Green Bench Flowers and the Schakolad Chocolate Factory. 

Patrick and Chris Calhoon, commercial brokers with Smith and Associates Real Estate, served as the transactional brokers. 

“We were excited to work with both parties and play a role in the growth of another company within the St. Petersburg community,” Patrick said in a statement. 

He told the St. Pete Catalyst the space was listed on the market for three months prior to going under contract. There were multiple interested parties. 

Tricera Capital took out a $1.222 million mortgage loan from Graciemax Inc. for the purchase, according to public records. 

The buyer purchased the site as an additional investment for its firm to grow in the area, according to a news release.

The Snell Arcade, built in 1927, retails much of its original art deco-era design features.  

The Arcade was built by local developer business mogul C. Perry Snell, who is credited with developing much of northeast St. Petersburg.