BayWalk bought for $5 million

ST. PETERSBURG — Loan Ranger Acquisitions LLC bought the BayWalk entertainment complex in St. Petersburg for $5.2 million.

Bill Edwards takes over as the owner of the troubled retail property from CW Capital Asset Management, which bought BayWalk in 2009. CW Capital spent millions improving the complex over the two years it owned the property, on top of the $42 million it cost to build BayWalk in the first place. Public officials have also spent $20 million in taxpayer dollars on improvements over the past 10 years (see “BayWalk on the Brink,” Jan. 27, 2011).

At the beginning of this year, six tenants remained at the 152,500-square-foot complex.