MIAMI—Marina Village, 61,757-square-foot retail center, has traded hands. The Saint Petersburg, FL property sold for $3,875 million.
CBRE represented the seller, EBK Properties, Inc. The buyer was an entity comprised of Paradise Ventures and ADJ-DIG, LLC. The center is 79% occupied. This is the second sale transaction that CBRE arranged for EBK 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,” says 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 anchored by Dollar Tree and features prominent national and regional tenants including Radio Shack, Beef O' Brady's, JSA Healthcare, The UPS Store, and Domino's Pizza. Marina Village is located on 34th Street South (US Highway 19) in south St. Petersburg, just north of 54th Avenue South.
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