St. Pete strip mall sells for $12 million
By Breanne Williams
Tampa Bay Business Journal
Published: May 4, 2022

A strip mall near Mazzaro's Italian Market in St. Petersburg has sold for $12 million, according to Pinellas County property records.

The property at 3100 22nd Ave. N — approximately 71,064 square feet — was sold to a Washington, D.C.-based boutique real estate investment firm, Shepherd Realty Capital. The sales price breaks down to roughly $168 per square foot.

Boukalis Development of St. Petersburg LLC was the seller. JB Factory Flooring occupies the property.

The strip mall was built in 1985 and is known for its bright, salmon-pink paint job. It is across the street from a Winn-Dixie and is near Extra Space Storage and Sam’s Club. It lies on the edge of the North Kenwood neighborhood.

Shepherd Realty Capital is led by John Conley, who was formerly the manager of acquisitions and equity for Jefferson Apartment Group. Shepherd Realty has experience with multifamily, office, self-storage and industrial, according to its website.

Approximately 10 minutes from downtown St. Pete and around two miles from the Grand Central District, the area around 22nd Avenue North is starting to see an influx of interest from investors. Less than half a mile away, the Pelican Palms Village mobile home park was sold last month to Dallas-based Crow Holdings for $16.08 million.