PLAZA ADVISORS ANNOUNCES THE SALE OF BAY PINES IN ST. PETERSBURG, FLORIDA

October 16, 2024

Plaza Advisors is pleased to announce the sale of the Bay Pines shopping center in St. Petersburg (Seminole), Florida. The center sold for $4.65 million to a publicly traded REIT. The Plaza Advisors team led by Jeff Berkezchuk and Jim Michalak represented the seller, Kitson & Partners.

Bay Pines is a 9,110 square foot strip center that is an outparcel to a top-performing Walmart Supercenter. The center was 85% occupied at the time of sale, with notable tenants including Starbucks, Supercuts & Jimmy Johns. The property is situated on 1.01 acres along Bay Pines Boulevard (U.S. Alt 19), which is directly across the street from the VA Hospital and features 40,500 vehicles per day.

This completes a three-property portfolio in which Plaza Advisors represented Kitson & Partners. The adjacent Texas Roadhouse and Village Inn properties were previously sold in separate transactions to 1031 investors.  

“The asset garnered significant investor interest due to its strong tenant mix and upside via lease-up of the vacant space” Berkezchuk said. “Unanchored strip centers have become a highly desirable property type with a bevy of investors entering into the market, making Bay Pines even more compelling.”

Plaza Advisors is a retail shopping center investment brokerage firm that specializes in the disposition of retail properties throughout the state of Florida. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.