Pinellas shopping center sells for $5.6 million

Central Park Plaza, a shopping center in Pinellas County, has been sold to a New York real estate firm.

The 47,653-square-foot center at 1350 Missouri Ave. N., Largo, was bought by an LLC with a Mount Kisco, New York address for $5.6 million.

According to the state’s Division of Corporations website, the LLC belongs to a company named Fortune Commercial Management. But its address just outside Rochester matches the real estate development and property management firm Buckingham Properties. That is also the name that appears on the deed for the sale.

Plaza Advisors, which represented the sellers and announced the deal, says the center sits on 4.26 acres and was 95% leased at the time of sale with a roster of tenants that includes NAPA Auto Parts, Rent-A-Center, Boost Mobile and AMA Medical Group.

Jeff Berkezchuk with Plaza says there “was significant investor interest in Central Park Plaza” when it was listed which reflects what’s happening in the market.

“Demand for value-add shopping centers in well-located markets such as the Tampa MSA is extremely high and with the current lack of product supply there is no shortage of qualified investors ready to deploy capital,” he says.

Buckingham, according to its website, has been in business for about 50 years and specializes in office, industrial, retail and residential properties totaling over ten million square feet of space.

Berkezchuk and Jim Michalak represented the private sellers for Plaza.