St. Petersburg, FL – October 25, 2011 – (RealEstateRama) — CBRE announced today the sale of Town Plaza, a 67,050-square-foot shopping center, to a locally based private investor for $2.9 million. The new ownership has plans to revive the neighborhood shopping center that had been neglected over the past several years.
Built in 1968 and 1972, Town Plaza is located at 1846 62nd Avenue North, just west of I-275. Major tenants include Dollar General, Pet Food Warehouse and American Karate Studio. At the time of closing, the property was just under 80% leased.
“Town Plaza is well-located in a densely populated area of St. Petersburg,” said Mark Shellabarger, Senior Vice President with CBRE who handled the sale on behalf of the seller. “The new owners plan to completely renovate the center to attract more tenants and make it a vibrant shopping center.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
