Beach side plaza sold for $5.85M to become mixed use development

A Broward County private investor has paid $5.85 million for a beach side shopping center in Pinellas County and plans to redevelop the property.

The buyer is Shlomo Melloul and he has picked up Treasure Island Plaza at 118 107th Ave. in Treasure Island, north of St. Pete Beach. The plaza is just off of the Treasure Island Causeway, about a quarter mile east of Gulf Boulevard and the historic Thunderbird Beach Resort.

Marcus & Millichap, which brokered the deal, says Melloul plans to redevelop the 1-acre property into a mixed-use development with 40 residential units and 12,000 square feet of ground floor retail.

But he’s likely going to have to wait.

A spokesperson for the brokerage firm says the 20,000-square-foot shopping center is fully occupied and the 11 tenants are all on one- and two-year leases.

Treasure Island Plaza is one of those familiar strip centers that line beach communities up and down the Florida’s coasts, the kind of place that houses ice cream shops, real estate offices, bookstores and restaurants. The original listing for the property called it a “vintage mid 1950’s construction and in the same family ownership since inception.”

The property was marketed as a shopping center and was listed with an asking price of $6.9 million.

Melloul is a Dania Beach businessman who according to Florida’s Division of Corporations’ database is associated with at minimum 38 companies. Most have a principal address at 67 N. Federal Highway in Dania Beach.