JLL Capital Markets has completed the sale of a “once in a lifetime” property in Tampa.
Shoppes at Park Place was sold to Belleair Development for $85 million. The 361,250 square feet. mall is located in Pinellas County, Florida, which includes Tampa, St. Petersburg and Clearwater. The area has over 3,500 people per square mile, with 288,000 residents within five miles of the center.
Built in 2006, the 97.4% occupancy 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 outdoor plots, including 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 plans to add more retail businesses, as well as a hotel and several accommodations.
The JLL Retail Capital Markets sales and investment advisory team representing the seller was led by senior managing directors Brad Peterson and Tom Hall, senior managing director Whitaker Leonhardt and managing director Michael Brewster.
“Shoppes at Park Place is truly a special retail mall asset given its size and scale as one of MSA Tampa’s largest and most in-store outdoor centers,” said said Leonhardt. “This is a generational real estate asset that will continue to evolve and grow in value over time. Investors have been very excited to have the unique opportunity to acquire such an asset. special. ”