Plaza Advisors Arranges Sale of South Pasadena Shopping Center for $21.1 Million

South Pasadena, Fla. – The property was formerly occupied by Publix and recorded an average occupancy of 93 percent for the seven years prior to its departure.

Plaza Advisors has arranged the $21.1 million sale of South Pasadena Shopping Center in South Pasadena, located near St. Petersburg. The shopping center totals 165,886 square feet of gross leasable area and includes major tenants such as Walmart Neighborhood Market, Beall’s Outlet, Dollar Tree and an in-line CVS. The property was formerly occupied by Publix and recorded an average occupancy of 93 percent for the seven years prior to its departure. Walmart began operating at the plaza in April 2014. The property was 67 percent leased at the beginning of the marketing effort. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller, VV Florida I LP, in the transaction. The buyer was Pine Tree Commercial Realty.

   — Scott Reid

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