News Summary
A joint venture has acquired the Disston Plaza shopping center in St. Petersburg, Florida, for $31.4 million. The center, which is anchored by a new Publix supermarket, spans 129,150 square feet and features various tenants. Renovations have enhanced accessibility and the shopping experience. The venture aims to focus on grocery-anchored retail centers along the East Coast, reflecting a strategic trend in retail investment. The acquisition highlights a commitment to enhancing community shopping experiences and supporting local economic growth.
St. Petersburg Acquires Disston Plaza Shopping Center for $31.4 Million
A newly formed joint venture has successfully acquired Disston Plaza, a shopping center in St. Petersburg, Florida, for $31.4 million. The partnership includes AEW Capital Management, Mack Real Estate Group, and Soundwater Properties. This acquisition marks the second property purchase by the joint venture, as it continues to focus on grocery-anchored retail centers along the East Coast.
Disston Plaza, encompassing an area of 129,150 square feet, is anchored by Publix supermarket and includes various other tenants such as Bealls Outlet, Dollar Tree, Pet Supermarket, and The UPS Store. The shopping center covers approximately 12 acres and was originally constructed in 1954, showcasing a significant rental mix with an occupancy rate of 90 percent.
Recent Renovations Enhance Shopping Experience
Recent renovations at Disston Plaza included the construction of a new, larger Publix supermarket, which replaced the long-standing store that had served the community for over 40 years. The new Publix now occupies 45,600 square feet. Improvements during the renovation phase also included upgraded lighting, enhanced landscaping, and modifications to parking and pedestrian areas. To further increase accessibility, a new traffic signal has been installed on 49th Street North, accompanied by the widening of the road.
Venture’s Focus and Future Plans
The joint venture aims to strategically acquire grocery-anchored retail centers with individual purchase prices ranging from $10 million to $50 million. This strategic focus reflects a trend in retail investment, where grocery-anchored locations are increasingly seen as stable and promising assets. Disston Plaza is positioned favorably within this growing sector.
Representing the seller in this transaction were Danny Finkle and Jorge Portela from JLL, although the seller’s identity remained undisclosed. This latest acquisition strengthens the joint venture’s portfolio, which is particularly focused on enhancing community shopping experiences in key locations.
Sembler Company’s Role in the Renovation
Improvement initiatives at Disston Plaza were led by the Sembler Company, which emphasized their commitment to creating an attractive and convenient shopping environment for the local community. Sembler has developed numerous retail properties, boasting a portfolio of approximately 10 million square feet across southeastern U.S. and Puerto Rico.
Overall, the acquisition and renovation of Disston Plaza reflect not only a significant investment in the St. Petersburg area but also a commitment from the involved parties to enhance local retail offerings and generate economic growth. As grocery-anchored shopping centers continue to draw consumer interest, projects like this one are expected to contribute positively to the local economy.
Conclusion
The acquisition of Disston Plaza illustrates a broader trend in grocery retail investment and highlights the continued importance of such properties in urban centers. With its strategic enhancements and robust tenant mix, Disston Plaza aims to serve the community efficiently while ensuring long-term sustainability and profitability.
Deeper Dive: News & Info About This Topic
HERE Resources
AEW Capital Management and Partners Acquire Disston Plaza
Additional Resources
- REBusiness Online: Joint Venture Acquires Disston Plaza
- Wikipedia: Shopping Center
- IREI: AEW Mack Real Estate Group Acquires Publix-Anchored Center
- Google Search: Disston Plaza St. Petersburg
- Business Observer: Sembler Completes Renovation of Disston Plaza
- Encyclopedia Britannica: Grocery Store
- St. Pete Catalyst: Places This Week
- Google News: Disston Plaza Shopping Center
Author: STAFF HERE PETERSBURG WRITER
ST PETERSBURG STAFF WRITER The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
