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| The Grove retail center at Wesley Chapel, FL |
MIAMI, FL – JLL announces that it has closed the $62.7 million sale of the Grove at Wesley Chapel, a 471,279 square foot, large format community retail center. The property also includes an additional ±114 acres of land for development in the Tampa-area community of Wesley Chapel, Florida.
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| Daniel Finkle |
JLL marketed the property on behalf of institutional clients managed by Barings, one of the world’s largest real estate investment managers.
Mishorim-Gold Properties purchased the asset.
Mishorim-Gold Properties purchased the asset.
Situated on a total of ±203.3 acres on Wesley Grove Boulevard, The Grove at Wesley Chapel is home to a variety of national and regional tenants.
They including Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J.Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatre, among others.
The property is located at the interchange of Interstate 75 and Wesley Chapel Road and has more than one mile of frontage and excellent visibility to more than 95,000 vehicles per day.
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| Luis Castillo |
Approximately 176,100 residents earning an average annual household income of $91,150 live within a 20-minute drive of the property.
An opportunity exists to add an additional 1.3 million square feet for commercial and residential development, making the center one of the last remaining large-scale opportunities within this prominent location.
The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of HFF’s Retail Practice Daniel Finkle, Managing Director Luis Castillo and Director Eric Williams.
“The opportunity to acquire a large-scale commercial property in a major Florida MSA with significant value-add potential appealed to the market and drove strong investor interest for The Grove at Wesley Chapel,” Castillo said.
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| Eric Williams |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Contacts:
Kimberly Steele, JLL Digital Content/PR Specialist
Phone: +1 713 852 3420
Rachel White
Phone: +1 980 417 5886
Email: Rachel.white@barings.com
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