Tampa, FL – February 4, 2014 – CBRE arranged the sale of Marina Village in St. Petersburg, Florida. The buyer, an entity comprised of Paradise Ventures of Safety Harbor, Florida and ADJ-DIG, LLC, purchased the 61,757-square-foot property at 4701-4949 34th Street South, from EBK Properties, Inc. for $3,875,000. The center was 79% occupied at the time of the sale. CBRE represented the seller. This is the second sale transaction that CBRE arranged for EBK Properties in less than two months.
“Pinellas County is a fully built-out market, therefore, retail centers in Pinellas with good fundamentals usually receive high interest from buyers,” said CBRE Senior Vice President Mark Shellabarger. “The buyer was attracted to Marina Village because of the quality and longevity of the existing tenants, the strategic location on 34th Street South and the upside in the vacant space and expiring leases with below-market rents.”
Built in 1985, Marina Village is a 61,775 square foot retail center anchored by Dollar Tree and features prominent national and regional tenants: Radio Shack, Beef O’ Brady’s, JSA Healthcare, The UPS Store, and Domino’s Pizza. Marina Village is prominently located on 34th Street South (US Highway 19) in south St. Petersburg, just north of 54th Avenue South.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.