Places This Week: Mallah lists retail center for $23.9M

A weekly roundup of local real estate deals. 

Largo retail center hits the market

Businessman Ben Mallah is selling The Shops at Midway retail center in Largo. 

The 120,000-square-foot shopping center, located at 1229-1551 Missouri Ave. N., is listed for $23.9 million.

Mallah said he is selling the property due to the increasing interest rates in today’s market. 

The center located in an opportunity zone. It is fully leased with multiple tenants including Ross, TJ Maxx and LA Fitness.

RIPCO is serving as the listing agent. 

Food Mart to become gym 

The shuttered L & W Food Mart convenience store in South St. Pete will be converted into a gym. 

Rachel Hopkins has signed a lease for the property at 4059 5th Ave. N., according to a Facebook post. 

The closed L & W Food Mart. 

Hopkins said it will be a veteran-owned gym/jiu-jitsu center with outdoor and indoor workout areas. 

The new gym will open in a couple of months. 

Mint House owners assume mortgage loan 

The Metro St. Pete LLC entity took out a roughly $15.1 million mortgage loan from Bank of America. The California-registered LLC recently purchased The Metro 100-unit studio apartment complex at 77 11th St. N. in a $28.2 million deal. The Metro has since been rebranded as The Mint House. 

The Mint House.

The LLC is connected to investors Badru and Semin Valani. 

According to Pitchbook’s description of Semin, she is as a managing partner at venture capital firm MDSV Capital and is also an executive at Sparq Capital. The Valani’s son, Riaz, was the first person to invest in electronic cigarette maker Juul. 

Developer buys Palm Harbor properties 

South Carolina-based real estate group Johnson Development Associates has purchased multiple parcels at 35686 U.S. Highway 19 N. in a $9.75 million deal. 

The property houses a law office of Morgan & Morgan. The purchase from the Hakin Two Family Limited Partnership entity includes the surrounding vacant parcels. 

The property at 35686 U.S. Highway 19 N. and surrounding parcels. 

JDA, which primarily focuses on developing industrial and self-storage facilities, is the same firm building the Baytop Commerce Center in Tampa. The group recently commenced construction for the 172,620-square-foot industrial warehouse, which will be completed in the second quarter of 2024. 

St. Pete estate lists for $13 million

Rhonda Shear, founder of the Shear Enterprises and the Ahh Bra intimate apparel product, is selling her Snell Isle mansion. 

The estate at 2020 Brightwaters Blvd. NE, St. Petersburg. Realtor.com.

Shear and her husband, Van Fagan, have lived in the 10,000-square-foot estate for over a decade, said Donna Miller, the listing agent with Coldwell Banker Realty.

The five-bedroom home, referred to as the Bellissimo Palazzo estate, hit the market earlier this month with an asking price of $13 million. 

The waterfront estate at 2020 Brightwaters Blvd. NE sits on a half-acre lot.

The two-story home, built in 1995, has an Italian-architectural design. 

Solid wood and marble floors run throughout the home. The owners have remodeled the kitchen and custom bar area.

The home features a theatre room, a billiard room and an elevator with a chandelier, according to the listing. 

Outside, the property has a pool, entertainment area and a 50-foot dock with a boat lift. 

The property last sold in 2011 for $3.2 million. It was previously listed for $11.1 million.