Jamestown expanded its South Florida portfolio of buying facilities by paying $22.5 million for a Publix-anchored retail website in Tamarac.
An affiliate of Atlanta-based Jamestown acquired Tamarac City Sq. at 8129-8315 North Pine Island Highway, information and Vizzda present.
JLL represented the vendor, an affiliate of Jacksonville-based Regency Facilities. In 1998, Regency paid $10.2 million for the 18.6-acre retail property, information present. The 124,000-square-foot facility was accomplished in 1983, information present.
Tamarac City Sq. is at the moment 84 p.c leased. Along with the Publix retailer, the buying middle leases area to McDonald’s, Greenback Tree, Goodwill and Childtime Studying Facilities. Jamestown intends to make use of its in-house leasing groups to attract new tenants, in response to a press launch.
Led by Chairman Michael Phillips, Jamestown focuses on mixed-use developments, adaptive reuse tasks and grocery-anchored buying facilities, the discharge states.
In South Florida, Jamestown owns two different Publix-anchored buying facilities in Boca Raton and West Palm Seashore referred to as Polo Membership Retailers and Village Commons, respectively. In 2014, Jamestown paid $51 million for Village Commons. A yr later, the agency paid $50.6 million for Polo Membership Retailers.
In Miami-Dade County, Jamestown additionally owns two Publix-anchored buying facilities in Doral and Hialeah. In 2018, the agency acquired Doral Commons for $71.6 million. A yr earlier, Jamestown bought Nation Membership Plaza for $34.2 million.
Jamestown can be the proprietor of One Instances Sq., the long-lasting industrial constructing in New York the place the annual New 12 months’s Eve ball drop happens. In 2022, Jametsown secured $425 million in financing from JP Morgan Chase for a $500 million redevelopment of One Instances Sq..
Publix-anchored buying facilities are a typical goal for big actual property growth and funding corporations. In March, Fort Lauderdale-based Stiles Company paid $27.5 million for Shopper’s Haven in Pompano Seashore. Publix signed a lease to maneuver right into a 51,000-square-foot area beforehand occupied by a Winn-Dixie retailer.
