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You are here: Home / Commercial Real Estate & Developers / Shopping center in St. Petersburg’s Skyway Marina District sells for $6.2 million

Shopping center in St. Petersburg’s Skyway Marina District sells for $6.2 million

July 31, 2017 by Post

61,791-square-foot shopping center has strong tenant mix in growing retail corridor

ST. PETERSBURG, Fla. (July 31, 2017) – Colliers International Tampa Bay has handled the sale of Marina Village, a 61,791-square-foot shopping center near the Skyway Bridge in St. Petersburg, for $6.2 million.

The 6.6-acre retail property, built in 1985, is located in the Skyway Marina District, a city-designated district in the southernmost part St. Petersburg, which has significant redevelopment potential. The City of St. Petersburg created the District in 2013 to create a more contiguous retail corridor along 34th Street South, which sees upwards of 67,000 cars per day.

Ron Schultz, Director of Retail Investment Services with Colliers International Tampa Bay, represented the seller, PV-Marina Village, LLC, an affiliate of Paradise Ventures, a Pinellas County-based commercial real estate and development firm. The buyer, Suateur LLC, is a private retail investor based in St. Petersburg that owns several retail properties around Tampa Bay.

The shopping center is 89 percent occupied with a diverse mix of necessity-based tenants that are not considered to be threatened by e-commerce growth. Tenants include Dollar Tree, Wells Fargo Bank and Anytime Fitness, as well as several fast-casual restaurants and health care offices.

Other major retailers in the immediate area include Walmart, Aldi and Family Dollar.

The property directly fronts the Maximo and Marina Harbour residential neighborhoods and Maximo Marina, one of the largest full-service marinas on Florida’s West Coast, which is currently undergoing a $20 million renovation.

“Marina Village is a quality property with the kind of web-resilient tenant mix that is currently in high demand among investors in the Tampa Bay market,” said Colliers’ Schultz. “The property’s prime location in the growing Skyway Marina District gives it great potential for rent growth, making it a solid investment for the buyer.”

Marina Village was renovated in 2003, and the buyer plans to make additional improvements such as updating the look of the building’s exterior and replacing the roof.

The property is located at 4701 34th Street South.

ABOUT COLLIERS INTERNATIONAL
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

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