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| South Pasadena Shopping Center aerial, St. Petersburg, FL |
TAMPA, FL -- Plaza Advisors is pleased to announce the $21.1
million sale of South Pasadena Shopping Center in greater St.
Petersburg, Florida.
The shopping center totals 165,886 square feet of gross
leasable area and includes several major tenants: Walmart Neighborhood Market,
Beall’s Outlet, Dollar Tree and an in-line CVS.
“This deal was one of the most highly sought after
transactions Plaza Advisors has marketed in years” Jim Michalak stated.
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| Jim Michalak |
“The offering was a quintessential true “value-add”
opportunity and fits the mold for what many retail investors are looking for in
this environment- grocery-anchored, realizable value-add and good real estate.
“The property was formerly occupied by Publix and recorded
an average occupancy of 93% for the seven years prior to Publix’s departure.
“Walmart began operating at the plaza in April. The property
was 67% leased at the beginning of the marketing effort. The center virtually
has no multi-tenant competition in the immediate area and the overall market
occupancy is extremely high.”
Michalak continued. “We received more than twenty offers
resulting in a cap rate well below five percent. The seller was delighted in
the outcome of the marketing campaign.
“The buyer was also very pleased and has already generated
some significant leasing momentum evidenced by the pending announcement of two junior
anchor additions to the plaza.”
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| Mike Cvetetic |
Jim Michalak, Mike Cvetetic and Nick Castellano of
Plaza Advisors represented the seller in the transaction. No other brokers were
involved in the sale. The seller and buyer was a German syndication named VV
Florida I, L.P. and Pine Tree Commercial Realty, respectively.
Plaza Advisors specializes in the disposition of anchored
shopping centers located throughout Florida. The company has successfully
closed thirteen centers since December 2013. Those closings included: six Winn
Dixie, three Publix and one Walmart Neighborhood Market anchored asset.
For a complete
copy of he company’s news release, please contact:
Jim Michalak
Managing Partner
Plaza Advisors
3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627
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