Broward County, Florida – Shlomo Melloul, a private investor hailing from Broward County, has secured a transaction for a beachside shopping center in Pinellas County, reportedly paying a sum of $5.85 million. He intends to repurpose and renovate the property.
The acquired asset is the Treasure Island Plaza, situated at 118 107th Ave., in the Treasure Island region, a bit north of the well-known St. Pete Beach. This plaza occupies a strategic location just a short distance off the Treasure Island Causeway and approximately a quarter-mile east of Gulf Boulevard and the historic Thunderbird Beach Resort.
Marcus & Millichap, the real estate investment brokerage firm that facilitated this transaction, has shared that Melloul envisions transforming the 1-acre property into a mixed-use development. This new project will potentially house 40 residential units and a 12,000 square-foot retail space at the ground level.
However, Melloul’s redevelopment plans may need to be delayed. According to a representative from the brokerage firm, the existing 20,000-square-foot shopping center is currently at full occupancy, with its 11 tenants secured under one- and two-year lease agreements.
Treasure Island Plaza is representative of the quintessential strip centers dotted along Florida’s coastline communities. It traditionally hosts an array of businesses including ice cream parlors, real estate agencies, bookstores, and restaurants. The property, which was promoted as a shopping center, was originally listed for an asking price of $6.9 million. Its charm rests in its “vintage mid-1950’s construction”, with the property remaining under the same family ownership since its inception.
As for Melloul, he is a businessman based in Dania Beach and is known for his association with at least 38 companies, according to the Florida Division of Corporations’ database. The majority of these companies list their principal address at 67 N. Federal Highway in Dania Beach.