JLL Capital Markets has closed a sale on a “once-in-a-lifetime” real estate asset in Tampa.
Shoppes at Park Place has been sold to Belleair Development for $85 million. The 361,250-sq.-ft. shopping center is located in Pinellas County, Fla., which is comprised of Tampa, St. Petersburg and Clearwater. The area has more than 3,500 people per square mile, with 288,000 residents within five miles of the center.
Built in 2006, the 97.4%-occupied Shoppes at Park Place is anchored by Regal Cinemas, Academy Sports, Conn’s Home Plus, Marshalls, Michaels and Petco, and junior-anchored by Five Below, Famous Footwear and Dollar Tree.
Sitting on approximately 42 acres, the center also has 10 outparcels, featuring Chick-Fil-A, Starbucks/Chase Bank, Panera Bread/Mattress Firm, BJ’s Brewhouse, Panda Express, Pollo Tropical, Applebee’s Bar and Grill, Wells Fargo, PNC Bank, Chipotle and Florida Blue. The site is anchored by Target.
Belleair reportedly plans to add more retail, as well as a hotel and multi-housing.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by senior managing directors Brad Peterson and Tom Hall, senior director Whitaker Leonhardt and director Michael Brewster.
“Shoppes at Park Place is truly a special retail shopping center asset given its size and scale as one of the largest and most infill open-air centers in the Tampa MSA," said Leonhardt. “This is a generational real estate asset that will continue to evolve and increase in value over time. Investors were highly enthusiastic at the once-in-a-lifetime opportunity to acquire such a special asset.”