August 14, 2022

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Grand Central at Kennedy’s retail house in Tampa’s Channel District sells for record-breaking worth

A complete of 115,899 sq. toes of ground-floor retail and workplace house in Grand Central at Kennedy, within the fast-growing north finish of Tampa’s Channel District, has offered for a record-breaking worth of $38.1 million.

The customer is Mosaic Grand Central Proprietor LLC, an affiliate of Mosaic Realty Companions, a personal actual property funding agency based mostly out of Maryland. The $38.1 million buy is the biggest retail transaction in Tampa’s city core when it comes to sale worth.

This additionally represents the biggest retail disposition in Tampa’s city core since 2014, when Jeff Vinik bought the 225,000 sq. toes that was beforehand Channelside Bay Plaza earlier than being transformed into what’s now Sparkman Wharf.

Grand Central at Kennedy is a high-profile city mixed-use improvement that options retail, workplace and residential condominiums. Along with the ground-floor retail and workplace house, the transaction additionally included a switch of curiosity within the parking storage administration.

Mike Milano, CCIM, Nicholas Coccodrilli and Brandon Rapone, CCIM, with Colliers’ West Florida Retail Funding Crew represented the vendor, Mercury Advisors, the unique developer of the mission. Donald Jennewein and Nathan Lynch with Colliers’ Debt & Fairness Finance Crew in Tampa organized the acquisition financing on behalf of the customer.

“This was a uncommon alternative for a purchaser to accumulate a trophy retail asset that’s a part of a premier mixed-use improvement within the Tampa city core,” stated Mike Milano, Govt Managing Director, Retail Funding Providers, Colliers. “Given the dearth of accessible land within the Channel District, it’s unlikely {that a} mission of this scale, with an identical stage of performance and synergy between residential, workplace and retail, might be replicated.”

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On the time of the sale, the property was 100% occupied by 15 tenants. Of the listed property, 60,329 sq. toes is retail house and 55,570 sq. toes is workplace house. Parking administration included within the transaction entails utilization of 862 parking areas for retail and workplace customers and their guests, divided over two garages.

4 main tenants – retailers CVS Pharmacy and Crunch Health, and workplace customers Kraft Heinz Meals and High quality Carriers (a division of CSX Company) – occupy 80% of the gross leasable house. Different tenants embrace bars and eating places Cena, Metropolis Canine Cantina, Pour Home and Maloney’s Irish Pub, in addition to a Therapeutic massage Envy franchise. It additionally encompasses a newly renovated decentralized out of doors courtyard.

The Channel District has seen spectacular development prior to now couple of years, with the introduction of recent residence buildings, bars and eating places, necessity retailers and elevated workplace exercise. The realm has matured right into a vibrant live-work-play surroundings.

Initially developed in 2007, Grand Central at Kennedy was the Channel District’s first mixed-use mission. At the moment, there are 1,650 multifamily items within the speedy neighborhood, together with luxurious flats Channel Membership, The Fitzgerald and The Slade, in addition to Grand Central at Kennedy’s 392 condominiums. Growth of a further 675 multifamily items is at present underway inside a tenth of a mile of the property.

“As in-migration throughout the Tampa Bay space continues to extend, the city core maintains its stature because the optimum location for retail and multifamily builders to flourish,” Nicholas Coccodrilli, Senior Funding Evaluation Supervisor. “For multifamily, common occupancies are pushing north of 95% and per-square-foot rents are breaching $4. The demand for pedestrian retail will increase with every new resident, positioning Grand Central and all actual property investments throughout the Channel District for in depth development in worth.”

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Because it was established in 2012, purchaser Mosaic Realty Companions has acquired 2.7 million sq. toes of economic property with an funding worth in extra of $320 million. With roughly a dozen funding properties within the Mid-Atlantic area, that is the agency’s first buy of a property in Florida.

The property, at 1120 and 1208 E Kennedy Boulevard, is situated a half-mile from each the Water Avenue improvement and the longer term Fuel Worx improvement.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a number one diversified skilled companies and funding administration firm. With operations in 62 international locations, our 17,000 enterprising professionals work collaboratively to offer knowledgeable actual property and funding recommendation to shoppers. For greater than 27 years, our skilled management with vital inside possession has delivered compound annual funding returns of 20% for shareholders. With annual revenues of $4.3 billion and $65 billion of property below administration, Colliers maximizes the potential of property and actual property to speed up the success of our shoppers, our traders, and our individuals. Be taught extra at company.colliers.com, Twitter @Colliers or LinkedIn.