Grand Central at Kennedy
Grand Central at Kennedy Storefronts Acquired for $38,100,000 Million
The ground floor retail component of Grand Central at Kennedy, a mixed-use property in Tampa’s Channel District that features 115,899 square feet of ground-floor retail and office space, has been sold for $38,100,000 million. The transaction represents the largest retail disposition in Tampa’s Urban Core since 2014 when the 225,000 square feet Channelside Bay Plaza was purchased by Jeff Vinik, it has been converted to Sparkman Wharf. The seller, Mercury Advisors, the developer of the property, was represented by Colliers West Florida Retail Investment Team. The buyer, Mosaic Realty Partners, Eron Sodie, Isaac Pretter & Christopher Huesgen, a private real estate investment firm based in Maryland, was secured by Colliers. Financing was arranged by Colliers Capital Markets Debt & Equity Finance Team in Tampa. A transfer of interest in the parking garage management was also included in the transaction.
Grand Central at Kennedy is located at 1120-1208 E. Kennedy Boulevard in the north part of Tampa’s Channel District. The development also includes 392 condominiums. The commercial space is occupied by 14 tenants. The retail space accounts for 60,329 square feet of the commercial space and the office space accounts for 55,570 square feet. Four main tenants, retailers CVS Pharmacy and Crunch Fitness, along with office tenants Kraft Heinz Foods and Quality Cleaners, take up 80% of the gross leasable space. The retail and office tenants and visitors have access to 862 parking spaces divided between over two garages. Grand Central at Kennedy was the first mixed-use development in the Channel District when it was developed in 2007.
Photo: Grand Central at Kennedy