The Central Plaza Shopping Center along Central Avenue has a new owner.
The 19,016-square-foot plaza, at 3270 Central Ave., sold in a roughly $5.1 million deal between the seller California-based Brbrshy Investments and the buyer Charles Githler, who is the President and CEO of Sarasota-based Githler Development Inc.
Franklin Street arranged the sale of the property, which is fully occupied by seven tenants. The property is located along Central Avenue and falls within a qualified opportunity zone, which allows investors to qualify for tax incentives in exchange for generating economic development activity in certain areas.
Franklin Street’s Retail Investment Sales Team of Anthony Suarez and Ryan Derriman represented the seller, a California-based private investor, in the sale. The buyer is a local investor who owns several other multi-tenant properties throughout Florida.
“The buyer was interested in low maintenance, established asset with in-place income and strong return on investment potential,” Derriman told the St. Pete Catalyst in a prepared statement. He said the buyer doesn’t have any plans for redevelopment at this time and will continue to operate as usual.
“Central Plaza presented the opportunity to acquire a stable, low maintenance asset with strong in-place income and an excellent tenant mix,” said Suarez in a news release. “This property is well-positioned for continued success, and rents will be easy to replace if needed in the future, especially with a discount retailer.”
The current net-leased tenants have an average tenure of over 22 years. Tenants include Rent-A-Center, Amscot and Rainbow Clothing. Despite the Covid-19 pandemic’s impact on the retail industry, the plaza remained fully occupied.
“The nearby growth will only impact the property positively. As newer and nicer residential developments are delivered to the area, the local customer base will become denser and have more disposable income than the current local demographic,” Derriman said.
“This shopping center is in a prime position to increase the current rents, as well as potentially curate a new tenant mix to better serve the changing neighborhood over time.”
Built in the early 1950s, Central Plaza was the first regional shopping center in the area, and the first commercial threat to downtown St. Petersburg businesses, and dominated until Tyrone Square Mall opened in 1972.