Real estate service company CB Richard Ellis recently announced the sale of Town Plaza, a more than 50-year-old shopping center in St. Petersburg.
, a neighborhood shopping center built in the 1960s, has been neglected for years, but that's all about to change: Located at 1846 62nd Ave. N., the 67,050-square-foot center was recently sold to a private family investment group for $2.9 million.
At the time of sale, the shopping center was 79 percent leased by tenants such as the 18,371-square-foot Dollar General
, 10-year-old Pet Food Warehouse
and 5-year-old American Karate Studio
. All existing tenants are expected to remain while Dollar General has exercised a five-year renewal option, extending its lease through July 2016.
“The new owner plans to renovate the center which should really help attract some new retailers, benefiting the residents of the immediate neighborhoods,” says CBRE
Senior VP Mark Shellabarger who handled the sale on the seller's behalf. “The shopping center has a long history in the neighborhood and any significant improvements and additional tenants will be a positive step forward for both the property and neighborhood.”
Writer: Alexis Quinn Chamberlain
Source: Mark Shellabarger, CB Richard Ellis