Paradise Plaza sells for $27 million

A new owner has taken over the Publix-anchored Paradise Plaza, and has plans for improvements and a large vacant space.

Pittsburgh-based ECHO Realty LP bought the 139,000-square-foot shopping center located at the corner of South Tamiami Trail and Bay Road for nearly $27 million earlier this month. Publix, PETCO and CVS anchor the property, which also features the 21,000-square-foot skeleton of a former Borders bookstore and two smaller vacancies.

“It’s in an exceptional location,” says ECHO Realty Senior Vice President Drew Gorman. “It enjoys tremendous visibility along U.S. 41. It has been part of our strategic goal to acquire outside of our existing commercial markets in Pittsburgh and Cleveland, Ohio. So when we identified Florida as a targeted area for growth, we found this was a compelling piece of real estate.”

The center’s new owner expects to divide the Borders space and is in negations with two tenants to take over the space, Gorman said. He was unsure why the former Borders space has stayed vacant, but said the market certainly has gotten healthier recently.

ECHO Realty also plans to improve the center’s lighting and landscaping and has hired Crossman & Co. to manage it.

“We’re actively seeking other acquisition opportunities along the west and east coasts of Florida,” Gorman said.