ST. PETERSBURG, FL-The 209,337-sf Tyrone Gardens Shopping Center was acquired for $19 million by a partnership between REIT New Plan Realty Trust and the locally based Sembler Co.

The property, located at the intersection of Tyrone Boulevard, Ninth Avenue North and 58th Street, was constructed in 1958 and renovated in 1992 and 1996. It is anchored by a 47,281-sf Winn Dixie supermarket, a 32,300-sf Big Lots discount store, a 20,000-sf Chuck E Cheese and a 13,600-sf Beall's Outlet. The buyer does not have any immediate plans to improve the property, which is nearly 100% occupied. "It was a great real estate investment for the buyer. The property sits in Pinellas County, the densest county in Florida, in a location where there are limited prospects for competition," Anthony Blanco, of Miami-based Blackrock Retail Property Advisors tells GlobeSt.com.

The seller was New York-based private investor Tyrone Gardens LLC, which was represented by Blanco and Dennis Carson, also of Blackrock Retail Property Advisors. Blanco adds that one of the most challenging aspects of the deal was selling a property anchored by Winn Dixie, which is in bankruptcy. "Potential buyers are worried about whether they'll have a tenant in the future or whether that tenant will be able to pay. In order to sell a Winn Dixie deal, you have to be able to sell the property for its underlying value, not for its particular tenancy," he says.