Local developer borrows $51M to buy 42-acre Pinellas shopping center

Belleair Development Group has bought a U.S. 19 shopping center and plans to add retail and housing.

By Louis Llovio
| 3:23 p.m. October 24, 2022
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Belleair Development Group has bought a 42-acre U.S. 19 shopping center and plans to add retail and housing. (Courtesy photo)

Tampa Bay-Lakeland

The Shoppes at Park Place in Pinellas Park has been sold for $85 million.

The 42-acre, 361,250-square-foot shopping center with 10 out-parcels was bought by Belleair Development Group, a local commercial real estate development company. According to JLL, which represented the seller and announced the deal, Belleair used a $51 million loan to buy the property.

Park Place is a major retail development on U.S. 19 in Pinellas County between Clearwater and St. Petersburg. It’s roster of tenants includes Regal Cinemas, Five Below, Chick-fil-A, PetSmart and Starbucks, as well as an assortment of restaurants and banks. A 133,000-square-foot Target with a grocery is a shadow anchor.