Millan Holdings LLC, a Tennessee-based real estate investment firm, has purchased the Bayview Plaza commercial building in St. Petersburg.
The group purchased the 78,781 square foot mall in a $7.25 million deal. The place anchored in Winn-Dixie, at 11100 4and Street North in the Gateway area is 89% leased to 14 tenants, including Skyway Café, Coast Dental, Paul’s Chicago-style Pizza and a US Coast Guard recruiting office, according to CBRE’s press release.
The transaction represents a “doubled” investment from the Millian group. In December 2021, Millian Holdings purchased Bayview Plaza II, a 16,146 square foot shopping center adjacent to the now acquired Bayview Plaza I.
“Millan’s acquisition of Bayview Plaza brings both sides of the mall under one ownership. This will create leasing and property management synergies for Millan as they grow their commercial real estate portfolio,” said CBRE’s Mark Shellabarger.
Shellabarger and Ari Ravi, who work from CBRE’s Tampa office, acted as transaction brokers between the buyer and the seller, a private investor.
Ravi told the St. Pete Catalyst that Winn-Dixie will remain the anchor tenant and that the purchaser plans to lease the two remaining vacant spaces.
CBRE also arranged the sale of Bayview Plaza II to Millan Holdings from another vendor. When Millian bought 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 Thai Wok Restaurant.