Commercial Real Estate, Capital, Insurance, Leasing & Management

St. Pete Catalyst: Central Plaza sells for $5.1M in St. Pete’s opportunity zone

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The Central Plaza Shopping Center along Central Avenue has a new owner.

The 19,016-square-foot plaza, at 3270 Central Ave., sold in a roughly $5.1 million deal between the seller California-based Brbrshy Investments and the buyer Charles Githler, who is the President and CEO of Sarasota-based Githler Development Inc.

Franklin Street arranged the sale of the property, which is fully occupied by seven tenants. The property is located along Central Avenue and falls within a qualified opportunity zone, which allows investors to qualify for tax incentives in exchange for generating economic development activity in certain areas.

Franklin Street’s Retail Investment Sales Team of Anthony Suarez and Ryan Derriman represented the seller, a California-based private investor, in the sale. The buyer is a local investor who owns several other multi-tenant properties throughout Florida.

“The buyer was interested in low maintenance, established asset with in-place income and strong return on investment potential,” Derriman told the St. Pete Catalyst in a prepared statement. He said the buyer doesn’t have any plans for redevelopment at this time and will continue to operate as usual.

“Central Plaza presented the opportunity to acquire a stable, low maintenance asset with strong in-place income and an excellent tenant mix,” said Suarez in a news release. “This property is well-positioned for continued success, and rents will be easy to replace if needed in the future, especially with a discount retailer.”

Read more from The St. Pete Catalyst.

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