Behind the deal: How Paradise Ventures and Andrew Wright plan to polish St. Pete's Sundial
- ALLY CAPITAL GROUP
- Feb 22, 2022
- 1 min read
Updated: Mar 21, 2022
The Sundial in downtown St. Petersburg has been on and off the market for years, but Mike Connor wasn't interested until last summer.
It was a Thursday night in August 2021 when KW Commercial broker Jon Reno La Budde called Connor, the CEO of Paradise Ventures. La Budde had drinks with St. Pete businessman Bill Edwards, who owns the Sundial. Edwards was ready to sell, La Budde told Connor.
Connor, who confirmed he closed on the property on Tuesday in a joint venture partnership with Tampa real estate executive Andrew Wright, had one question: How much?
"I had never talked to him because the pricing was not something that interested me," Connor told the Tampa Bay Business Journal about his call with La Budde. "I said, ‘OK, I love the piece of property. I think it’s the best retail site in St. Pete. Where is he at numbers wise?’"
The partners paid $21.13 million for the Sundial property, and there was "additional consideration for intangible property and goodwill," Connor told the Business Journal.
View the Full Article:
Comments