Clearwater Beach retail center listed for $25 million

Pelican Walk, the largest retail center on Clearwater Beach, has been put up for sale with a $25 million price tag.

The two-story, 31-year-old, 38,713-square-foot center at 483 Mandalay Ave., on the barrier island’s main northern thoroughfare, is currently 98% occupied with a tenant mix that includes Hurricane Eddie’s, Clearwater Comedy Club, Hulk Hogan’s Beach Shop and Cigar Paradise.

Pelican Walk, which opened in 1994, is currently owned by Anthony Caruso, who paid $14 million for it in 2018.

According to a statement from CBRE, under Caruso’s ownership the center has seen significant updates, including the conversion of two hallways into additional rentable square footage on the second level.

Caruso, in the statement, says he’s “added all the value I can, and it’s time for a new owner to bring the plaza to the next level.”

CBRE’s James Garner and Jim Shiebler are marketing the property.