News Summary
AEW Capital Management, Mack Real Estate Group, and Soundwater Properties have acquired Disston Plaza in St. Petersburg, Florida for $31.4 million. The shopping center, spanning 129,150 square feet, is primarily grocery-anchored and boasts an impressive tenant mix, including Publix, Dollar Tree, and Pet Supermarket. This acquisition highlights the joint venture’s focus on essential retail opportunities, especially in areas with strong community demand, and comes with recent upgrades aimed at enhancing its appeal to shoppers.
St. Petersburg, Florida – AEW Capital Management, Mack Real Estate Group, and Soundwater Properties Acquire Disston Plaza for $31.4 Million
A joint venture comprised of AEW Capital Management, Mack Real Estate Group, and Soundwater Properties has successfully acquired Disston Plaza, a shopping center in St. Petersburg, Florida, for $31.4 million. This marks the second acquisition for the newly formed partnership, which focuses mainly on grocery-anchored retail centers located in East Coast markets.
Disston Plaza features a total space of 129,150 square feet and is approximately 90% leased to a range of national and regional retailers, including well-known names like Bealls Outlet, Dollar Tree, Pet Supermarket, and The UPS Store. The shopping center is anchored by a Publix supermarket that occupies 45,600 square feet and has maintained a presence at the center for over 40 years.
The acquisition was facilitated by the representation of Danny Finkle and Jorge Portela from JLL. The joint venture’s typical target purchase price for retail centers ranges between $10 million and $50 million, allowing them to target a diversified portfolio within the grocery-anchored retail sector.
Property Details and Upgrades
Constructed in 1954, Disston Plaza occupies roughly 12 acres and is strategically located at the intersection of 49th St. N. and 38th Ave. N.. The shopping center has recently undergone several upgrades aimed at enhancing both the aesthetic and functional aspects of the property. Improvements include a new Publix store, upgraded lighting, enhanced landscaping, parking improvements, and the installation of a new traffic signal to improve traffic flow on 49th St. N.
The recent upgrades, which culminated in a grand re-opening event orchestrated by the Sembler Company, a local shopping center developer, have further reinforced Disston Plaza’s standing as a go-to shopping spot for local residents. The center is viewed as a key community asset, drawing in daily foot traffic and serving the retail needs of the surrounding neighborhoods.
Market Positioning and Future Prospects
The joint venture’s emphasis on grocery-anchored retail centers aligns well with current market trends, as these types of properties typically experience more stability and resilience in fluctuating economic conditions. The acquisition of Disston Plaza not only reflects the venture’s investment strategy but also supports the growing demand for essential retail services in the community.
With a robust tenant mix, strategic location, and recent enhancements, Disston Plaza is positioned to remain a vibrant part of St. Petersburg’s retail landscape. The continuous improvements and focus on tenant diversification will likely foster sustained growth and patronage in the years to come.
As retail dynamics evolve, the joint venture plans to leverage their collective expertise to maximize the potential of their latest acquisition and identify further opportunities within similar markets along the Eastern United States.
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Additional Resources
- Shopping Center Business
- Wikipedia: Shopping Center
- IREI News
- Google Search: AEW Capital Management
- Business Observer
- Google Scholar: Retail Market Trends
- St. Pete Catalyst
- Encyclopedia Britannica: Florida
- Connect CRE
- Google News: Shopping Centers in Florida
