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Marina Village Shopping Center Sells

Real Estate | Business | TB Reporter

Marina Village is in the Skyway Marina District in south St. Petersburg.

ST. PETERSBURG – Colliers International Tampa Bay has handled the sale of Marina Village, a 61,791-square-foot shopping center near the Skyway Bridge, 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 created the district in 2013 to create a more contiguous retail corridor along 34th Street S, 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.

Marina Village | St Petersburg | Shopping CenterThe 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 S.

For information about Colliers, go to colliers.com.

Photo of Marina Village courtesy of the city of St. Petersburg. Main photo from TB Reporter Files.

Marina Village | Shopping Center | Business | Skyway Marina District | Colliers | Tampa Bay News | TB Reporter

#MarinaVillage #ShoppingCenter #Business #SkywayMarinaDistrict #Colliers #TampaBayNews #TBReporter

 

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Marina Village Shopping Center Sells
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Marina Village Shopping Center Sells
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Marina Village is in the Skyway Marina District in south St. Petersburg.
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TB Reporter
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