CBRE Arranges Sale of 78,000 SF Shopping Center Bayview Plaza in St. Petersburg to Tennessee-Based Investor

CBRE has arranged the $7.25 million sale of Bayview Plaza, a 78,781-square-foot shopping center in St. Petersburg, Fla., to Millan Holdings LLC, a Tennessee-based real estate investment company.

Mark Shellabarger and Ari Ravi with CBRE in Tampa acted as transaction brokers between the buyer and the seller, a private investor.

In December 2021, CBRE arranged the sale of  Bayview Plaza II, a 16,146-square-foot retail center adjacent to Bayview Plaza, also to Millan Holdings LLC, from a different seller.

“Millan’s acquisition of Bay View 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.

“Millan Holdings doubled down on their St. Petersburg investment strategy by adding Bayview Plaza to their portfolio. Located near both Gandy Boulevard and Interstate 275, Bayview Plaza attracts customers from the surrounding residential population and workforce,” said Ari Ravi.

Located at 11100 4th Street North in the Gateway area, the Winn-Dixie-anchored shopping center is 89 percent leased to 14 tenants, including the Skyway Café, Coast Dental, Paul’s Chicago-style Pizza, and a U.S Coast Guard recruiting office.