JLL announces $62.7M sale of Tampa-area retail property
Sale includes 114 acres of entitled land for development
MIAMI, September 12, 2019 – 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.
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.
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, 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. 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.
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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of June 30, 2019
About Mishorim and Mark Gold Properties
Mishorim Real Estate is a public company traded on the Tel Aviv Stock Exchange, that invests mainly in commercial and office buildings in Israel and the U.S.
Mark Gold is a commercial real estate developer with over six million square feet of real estate in North America. He has carved out an outstanding reputation with his demonstrated ability to identify and maximize investment opportunities, develop and maintain real estate, and negotiate real estate deals
Together, the Mishorim-Gold partnerships acquired over 20 properties, mostly shopping plazas in the southeast, achieving an astounding 35% annual IRR on investments.