Real estate firm bullish on St. Pete market buys shopping center

Millan Holdings LLC, a Tennessee-based real estate investment company, has purchased the Bayview Plaza retail property in St. Petersburg. 

The group purchased the 78,781-square-foot shopping center in a $7.25 million deal. The Winn-Dixie-anchored plaza, at 11100 4^th Street North in the Gateway area, is 89% leased to 14 tenants, including the Skyway Café, Coast Dental, Paul’s Chicago-style Pizza and a U.S Coast Guard recruiting office, according to CBRE’s news release. 

The transaction represents a “double down” investment from the Millian group. In December 2021, Millian Holdings purchased Bayview Plaza II, a 16,146-square-foot retail center adjacent to the now-acquired Bayview Plaza I. 

“Millan’s acquisition of Bayview Plaza brings both sides of the shopping center back under one ownership. This will create leasing and property management synergies for Millan as they grow their commercial real estate portfolio,” said Mark Shellabarger with CBRE.

Shellabarger and Ari Ravi, who work out of the CBRE office in Tampa, acted as transaction brokers between the buyer and the seller, a private investor.

Ravi told the St. Pete Catalyst that Winn-Dixie will remain as the anchor tenant and the buyer plans to lease the remaining two vacant spaces.

CBRE also arranged the sale of  Bayview Plaza II to Millan Holdings from a different seller. When Millian purchased the Bayview Plaza II last year, it was 83% leased to eight tenants, including Brewers’ Tasting Room, H and R Block, MCI Metro, Critical Hit Games and the Thai Wok restaurant.