Retail Center in Tampa Area Sells for $85M

Belleair Development has acquired Shoppes at Park Place for $85 million. The property is a 361,250-square-foot, super-regional shopping center on approximately 42 acres in the middle of Pinellas County.

JLL represented the seller, while Belleair Development, led by Carlos Yepes and Christian Yepes was represented by CBRE. The buyer obtained a $51 million loan to purchase the property.

Built in 2006, the 97.4-percent-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. The center 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, and the site is shadow anchored by a Target with grocery. Belleair will be adding more retail to the property, as well as hotel and multi-housing.

Located at 7200 U.S. Hwy. 19 N., the property has more than 3,500 people per square mile. 288,000 residents are within five miles of the center. Shoppes at Park Place is positioned at the intersection of Gandy Park Boulevard and US-19. The location provides connectivity and access, via both Gandy (Park) Boulevard and Interstate 275, to downtown Tampa and the surrounding Tampa Bay area.

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.