12 Oct 2018
A shopping center near Tyrone Square Mall in St. Petersburg has been sold for $19.2 million.
Marketplace Shopping Center, anchored by LA Fitness and home to BB&T, Metro PCS, UPS, Jenny Craig, Phenix Salon Suite and Miracle Ear, has been acquired by East Gate Alliance. The shopping center is 90,109 square feet.
The purchase price breaks down to more than $213 per square foot.
Regency Centers Corp. (NYSE: REG), a real estate investment trust based in Jacksonville, was the seller. A team from JLL Inc., including managing director Carson Good and senior vice president Tarik Bateh, represented Regency in the transaction.
Good, Bateh, Denny St. Romain and Charles Crapse also assisted East Gate Alliance in arranging $11.9 million in acquisition debt financing from TD Bank. Paul Rutledge, a JLL broker based in Tampa, will oversee leasing and property management for East Gate.
“Marketplace Shopping Center is positioned in the midst of St. Petersburg’s dominant retail node,” Good said in a statement. “The combination of a recently renovated LA Fitness with outstanding membership numbers and excellent location in a dense, growing, major coastal Florida market generated significant investor interest in the property.”
By Ashley Gurbal Kritzer – Senior Reporter, Tampa Bay Business Journal Oct 8, 2018
Marketplace Shopping Center 6802-7088 22nd Ave N, St Pete, Fl 33710