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Business Observer Wednesday, May 4, 2022 3 months ago

Investor raises stakes by buying neighboring St. Pete shopping center, total investment tops $10M

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Tennessee investment firm Millan Holdings has purchased Bayview Plaza, reuniting the center and doubling its stake in the city.
by: Louis Llovio Commercial Real Estate Editor

A Tennessee investment company has bought a shopping center in St. Petersburg right next door to where it bought another one last year.

The new center is Bayview Plaza. Millan Holdings paid $7.25 million for the property.

The 78,781-square-foot shopping complex at 11100 Fourth St. N. is directly adjacent to the much-smaller 16,146-square-foot Bayview Plaza II that Millan picked up in December for $3.13 million.

The centers had different owners.

The combined centers, which are between Gandy Boulevard and Interstate 275, give Millan a foothold in the Gateway area of the city with a solid roster of tenants, among them Skyway Café, Coast Dental, Paul’s Chicago-style Pizza and a U.S Coast Guard recruiting office.

Bayview Plaza, the new center, is anchored by Winn-Dixie and is 89% leased. It was built in 1990.

Mark Shellabarger, with CBRE, says in a statement announcing the sale that “Millan’s acquisition of Bay View Plaza brings both sides of the shopping center back under one ownership. This will create leasing and property management synergies” for the company.

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