Paradise Ventures, family buy Marina Village

BUYER: PV-Marina Village LLC (principal: Charles Ernst Jr.), Safety Harbor
SELLER: Duluth Developers LLC
PROPERTY: 4701-4949 34th St. S., St. Petersburg
PRICE: $3.88 million
PREVIOUS PRICE: $1.07 million, July 2002
LAW FIRM ON DEED: Fuentes & Kreischer PA, Tampa

PLANS, DESCRIPTION: A joint venture of Paradise Ventures of Safety Harbor and the Digiannantonio family's ADJ-DIG LLC purchased the 61,757-square-foot Marina Village in Pinellas County for $3.88 million.

The price equated to $63 per unit. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Built in 1985, Marina Village is a south St. Petersburg retail center anchored by Dollar Tree. Its other tenants include Radio Shack, Beef O' Brady's, JSA Healthcare, The UPS Store and Domino's Pizza. The center was 79% occupied at the time of the sale.

“We bought it because we liked the value and the location,” says Charles Ernst, vice president of Paradise Venture. “When we started learning about the 34th corridor revitalization it made it even more attractive. Our immediate plans are to shore up the leasing and fill up the existing vacancy.”

For the future, the new ownership is considering tenant changes or a redevelopment.

CBRE handled the sale.