Tennessee investors buy Gateway area shopping plaza in St. Pete
By Breanne Williams
Tampa Bay Business Journal
Published: May 5, 2022

Bayview Plaza, 11100 Fourth St. N, was purchased by Tennessee-based Milan Holdings LLC, a real estate investment company. The 78,781-square-foot shopping plaza sold for $7.25 million. The company purchased the adjacent 16,146-square-foot retail center, Bayview Plaza II, in December 2021 from a different seller for $3.125 million.

Mark Shellabarger and Ari Ravi with CBRE in Tampa acted as transaction brokers between the buyer and the seller, a private investor.

“Millan’s acquisition of Bay View Plaza brings both sides of the shopping center back under one ownership,” Shellabarger said in a release. “This will create leasing and property management synergies for Millan as they grow their commercial real estate portfolio.”

The retail plaza is in the Gateway area and is anchored by Winn-Dixie. At the time of the sale, the shopping center was 89% leased to 14 tenants, including the Skyway Café, Coast Dental, Paul’s Chicago-style Pizza and a U.S Coast Guard recruiting office, according to CBRE.

The adjacent plaza is home to tenants like Brewers’ Tasting Room, Cheesesteak Company, Bayview Pharmacy, Critical Hit Games and Thai Wok restaurant.

“Millan Holdings doubled down on their St. Petersburg investment strategy by adding Bayview Plaza to their portfolio,” Ravi said in a release. “Located near both Gandy Boulevard and Interstate 275, Bayview Plaza attracts customers from the surrounding residential population and workforce.”