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Shopping center in St. Petersburg’s Skyway Marina District

ST. PETERSBURG, Fla. (July 31, 2017) – Colliers International Tampa Bay has handled the
sale of Marina Village, a 61,791-square-foot shopping center near the Skyway Bridge in St.
Petersburg, for $6.2 million.

The 6.6-acre retail property, built in 1985, is located in the Skyway Marina District, a citydesignated
district in the southernmost part St. Petersburg, which has significant redevelopment
potential. The City of St. Petersburg created the District in 2013 to create a more contiguous
retail corridor along 34th Street South, which sees upwards of 67,000 cars per day.

Ron Schultz, Director of Retail Investment Services with Colliers International Tampa Bay,
represented the seller, PV-Marina Village, LLC, an affiliate of Paradise Ventures, a Pinellas
County-based commercial real estate and development firm. The buyer, Suateur LLC, is a
private retail investor based in St. Petersburg that owns several retail properties around Tampa

The shopping center is 89 percent occupied with a diverse mix of necessity-based tenants that
are not considered to be threatened by e-commerce growth. Tenants include Dollar Tree, Wells
Fargo Bank and Anytime Fitness, as well as several fast-casual restaurants and health care

Other major retailers in the immediate area include Walmart, Aldi and Family Dollar.
The property directly fronts the Maximo and Marina Harbour residential neighborhoods and
Maximo Marina, one of the largest full-service marinas on Florida’s West Coast, which is
currently undergoing a $20 million renovation.

“Marina Village is a quality property with the kind of web-resilient tenant mix that is currently in
high demand among investors in the Tampa Bay market,” said Colliers’ Schultz. “The
property’s prime location in the growing Skyway Marina District gives it great potential for rent
growth, making it a solid investment for the buyer.”

Marina Village was renovated in 2003, and the buyer plans to make additional improvements
such as updating the look of the building’s exterior and replacing the roof.

The property is located at 4701 34th Street South.


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