St. Petersburg, FL – January 19, 2012 – (RealEstateRama) — Bay View Plaza, a 78,781-square-foot shopping center anchored by a Winn-Dixie grocery store, was recently purchased by Hachem Investments, Inc of Tampa, FL. CBRE marketed the property for sale on behalf of the seller, Springfield Crossing, LLC.
“The buyer was attracted to Bay View Plaza because of its central, in-fill location in the Tampa Bay market,” said Mark Shellabarger, a Senior Vice President with CBRE’s Private Capital Group in Tampa. “The area surrounding Bay View Plaza features the largest concentration of apartments in Pinellas County with 20 complexes and over 7,000 apartment units,” added Shellabarger.
Built in 1990, Bay View Plaza is located at 11100 4th Street North in the Pinellas Gateway submarket, less than two miles from both Gandy Boulevard and I-275. In addition to Winn-Dixie, major tenants include Dollar General, a U.S. Coast Guard recruiting office, Coast Dental Center, Edward Jones, and Metro PCS. At the time of closing, the center was 92.7% leased.
The seller, Springfield Crossing, LLC, was an out-of-state, private investment group that had owned the property for 15 years.
Shellabarger was joined by Associate Scott Palmer in representing the seller in the transaction. Shellabarger and Palmer focus on investment sales of retail properties in Florida’s west coast markets.
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
