Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TAMPA, FL-Locally based Plaza Advisors is finding success on the lower end of the retail spectrum, completing several transactions under the $10-million range. The firm most recently closed on the 95,320-square-foot, grocery-anchored Plaza 66 shopping center in Kenneth City, near St. Petersburg, for $6.5 million or $68 per square foot.

Centro Properties Group sold the shopping center to Plaza 66 LLC, a private equity group. Jim Michalak, managing principal of Plaza Advisors, worked with colleagues Anthony Blanco in Miami and Lenard Williams in Tampa on the transaction.

Michalak says a key component to making retail deals lately is working with property owners to determine the right value of their asset and the most compelling reason to sell. This often involves researching recent leases in the local market and sharing that information with clients, he says.

“You have to reach an understanding of what an asset is worth realistically,” Michalak tells GlobeSt.com. “There is no sense in going to market with an asset that isn’t going to sell.” He adds that seven-figure deals are easier to accomplish lately given ongoing capital restraints.

Plaza 66 features a 55,320-square-foot Sweetbay Supermarket that underwent substantial renovation three years ago. Other recognizable tenants include Family Dollar, Cici’s Pizza and Rent A Center.

Earlier this year, Plaza Advisors were involved in the sale of Plant City Crossing and Regency Village, two grocery-anchored centers in Central Florida; Village Shopping Center in Orange Park; Belleair Bazaar in the Clearwater area; and Palafox Square in Pensacola.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.