Tampa Publix-anchored shopping center included in $260M financing

A Tampa shopping center is part of $260 million financing package for a 10-property portfolio acquired in August.

The local property is the New Tampa Center on Bruce B. Downs Boulevard near Interstate 275.

JLL Capital Markets arranged for the five-year acquisition loan for 11North Partners and Bain Capital Real Estate, the buyers of the grocery-anchored retail portfolio with nine centers in Florida and one in South Carolina.

The pair of investors paid $395 million for the open-air centers, seven of which are anchored by Publix stores, earlier this year. The seller is PGIM Real Estate.

The New Tampa Center is a 93,672-square-foot open air retail development anchored by a 56,146-square-foot Publix. It was built in 1996 and, according to JLL, is fully leased with a tenant roster that includes Coldwell Banker, Pizza Hut and H&R Block.

While the joint venture did not disclose the sale price for the individual centers, Hillsborough County records show New Tampa Center sold for $57 million.

As for the portfolio, JLL says it totals about 1.1 million square feet and is currently 93.6% occupied.

JLL’s Chris Knight, Mike DiCosimo, Matt Maksymec and Alex Staikos worked on the financing package for the 11North and Bain.

The firm has also been hired to handle the property management and leasing at the centers.