Town & Country Shopping Center Inc. paid $1.08 million for pair of properties.
TSG Realty is investing in San Marco.
Through Town & Country Shopping Center Inc., it bought buildings at 1561 San Marco Blvd. and 1017 LaSalle St. for redevelopment and leasing.
TSG Realty and Town & Country Shopping Center Inc. are led by property owner Leonard Setzer.
“We plan to renovate the property,” said TSG Realty Property Manager Pam Howard.
Howard said the purchase comprises a 4,500-square-foot building along San Marco Boulevard and an adjacent 1,900-square-foot office along LaSalle Street.
Both were unoccupied. The structures can be leased separately or together.
Howard said TSG Realty plans an exterior remodel by adding a layer of stucco to the fascia, painting the building and adding new awnings at 1561 San Marco Blvd.
“We will be making additional interior and exterior improvements which will be determined by the tenant we find,” she said.
Town & Country Shopping Center Inc. paid $1.08 million for the two buildings in a sale that closed Nov. 16. It bought the property from ZGEN LLC.
TSG Realty already owns the property next door at 1555 San Marco Blvd., which is being built out by The White Magnolia Bridal Collection with an expected opening within a month, Howard said. TSG enlarged the storefront and added new doors and windows.
Setzer’s Eighth Street Corp. paid $610,000 for that 3,100-square-foot building in October 2017.
Matthew Clark, senior vice president of Prime Realty Commercial Real Estate, is the leasing agent.
He said the developer’s purchase of both parcels “opens the pool of potential retailers that may be interested in the site.”
“I think we are going to see a lot of activity,” he said, adding that the intersection has traffic signals, which some tenants prefer for the ease of access by their customers.
Clark said the White Magnolia brand elevates the north end of the area. He considers the additional buildings to be “an opportunity to continue to elevate the retail experience on this end of San Marco Boulevard.”
The 1561 San Marco Blvd. building, whose awnings still say Hanger Prosthetics & Orthotics, was developed in 1947 and 1022 LaSalle St. was built in 1922, records show.
Clark said it is “a great example of the Setzers working to regentrify what were once old and tired buildings.”