Developer Obtains $51 Million Loan for Purchase of Pinellas Shopping Center

JLL Capital Markets announced today that it has closed the $85 million sale of Shoppes at Park Place, a 361,250-square-foot, dominant, super-regional shopping center on approximately 42 acres in the middle of Pinellas County.

JLL represented the seller. Belleair Development, led by Carlos Yepes and Christian Yepes, acquired the asset and was represented by CBRE. The buyer obtained a $51,000,000 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 property demonstrates strong anchor commitment with 100% anchor renewal, excluding the newly signed Academy Sports and Conn’s HomePlus. The center offers 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 is situated in the most densely populated county in Florida, boasting more than 3,500 people per square mile. 288,000 residents are within five miles of the center. Shoppes at Park Place is ideally positioned at the intersection of Gandy Park Boulevard and US-19, which combined have more than 135,000 cars per day. The location provides ideal connectivity and unmatched 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.

“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. The property that was sold is 361,250 square feet, and when combined with the shadow Target that is 133,000 square feet, the total combined property is a massive 55 acres and nearly 500,000 square feet, with tenants spanning retail, entertainment, restaurants, pet supplies, sporting goods and apparel,” 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.”

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Photo: The Shoppes at Park Plaza

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