Beachside shopping centers sell for over $5M

The acquisition of commercial properties continues to trend upward with the sale of two local shopping centers. 

Earlier this week, commercial real estate brokerage firm Marcus and Millichap announced the purchase of shopping centers in Indian Shores, located at 29705 and 19709 Gulf Blvd., and Redington Shores, at 18115 Gulf Blvd. The properties sold for a combined $5.38 million. 

“This sale marks our fourth beachside sale in the past 18 months, with another beachside shopping center under contract and scheduled to close later this year,” James Medefind, senior vice president of investments, said in a prepared statement. “These unique assets are highly desirable for investors due to the limited land and development opportunities on barrier islands. We believe that properties on these barrier islands will continue to set pricing records and experience high demand.”

Medefind, who is based at the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Hunter Family Real Estate Investments.

Buyer Odin Enterprises, which is connected to a Largo investor, was procured by Marcus & Millichap’s Senior Analyst Marc Ayala. 

Earlier this year, the same seller sold the Avanda Oaks apartment complex in Clearwater for $1.15 million. 

Prior to the sale of the shopping centers, the owner controlled the properties for nearly 45 years. 

“Having a local buyer who is familiar with the exclusivity of these beachside properties is something that we took into consideration when seeking buyers. The new owner plans to renovate and rejuvenate the property, aiming to create a more attractive retail destination for the local community,” Ayala said in a prepared statement. 

The two properties total 17,908 square feet of retail space and are near the Intracoastal Waterway. 

The tenants at the Indian Shores Plaza are DJs Clam Shack, the Dog & Parrot Beach Pub, Beach Place One Real Estate, Hawaiian-inspired restaurant Aloha to Go and retailer Indian Shores Trading Company.

Meanwhile, the Redington Shores property is anchored by 7-Eleven and the Redington Shores Bait and Tackle shop. 

According to the agents, the tenants at both beachside shopping centers will remain. 

Other recent retail properties that sold in Pinellas County include a shopping plaza at the Tyrone Square Mall in St. Pete, anchored by a Dick’s Sporting Goods and a shuttered supermarket, which was purchased in a $37.8 million transaction. 

Seritage SRC Finance, which is connected to Seritage Growth Properties, sold the center at 2300 Tyrone Blvd. to Boston Capital LLC. The complex, located on the north side of the mall, also houses a PetSmart and a Five Below store.  

An 8.95-acre development site anchored by a retail shopping strip was also listed on the market. 

The property at 3100 22nd Avenue N., owned by Washington, D.C.-based Shepherd Realty Capital, is located between Interstate I-275 and U.S. Highway 19.

The existing tenants in the 70,000-plus-square-foot building include cellphone service provider Metro by T-Mobile, fitness center operator Studio Physique and wholesaler JB Factory Flooring.