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.