Jamestown expanded its South Florida portfolio of shopping centers by paying $22.5 million for a Publix-anchored retail site in Tamarac.
An affiliate of Atlanta-based Jamestown acquired Tamarac Town Square at 8129-8315 North Pine Island Road, records and Vizzda show.
JLL represented the seller, an affiliate of Jacksonville-based Regency Centers. In 1998, Regency paid $10.2 million for the 18.6-acre retail property, records show. The 124,000-square-foot facility was completed in 1983, records show.
Tamarac Town Square is currently 84 percent leased. In addition to the Publix store, the shopping center leases space to McDonald’s, Dollar Tree, Goodwill and Childtime Learning Centers. Jamestown intends to use its in-house leasing teams to draw new tenants, according to a press release.
Led by Chairman Michael Phillips, Jamestown specializes in mixed-use developments, adaptive reuse projects and grocery-anchored shopping centers, the release states.
In South Florida, Jamestown owns two other Publix-anchored shopping centers in Boca Raton and West Palm Beach called Polo Club Shops and Village Commons, respectively. In 2014, Jamestown paid $51 million for Village Commons. A year later, the firm paid $50.6 million for Polo Club Shops.
In Miami-Dade County, Jamestown also owns two Publix-anchored shopping centers in Doral and Hialeah. In 2018, the firm acquired Doral Commons for $71.6 million. A year earlier, Jamestown purchased Country Club Plaza for $34.2 million.
Jamestown is also the owner of One Times Square, the iconic commercial building in New York where the annual New Year’s Eve ball drop occurs. In 2022, Jamestown secured $425 million in financing from JP Morgan Chase for a $500 million redevelopment of One Times Square.
Publix-anchored shopping centers are a common target for large real estate development and investment firms. In March, Fort Lauderdale-based Stiles Corporation paid $27.5 million for Shopper’s Haven in Pompano Beach. Publix signed a lease to move into a 51,000-square-foot space previously occupied by a Winn-Dixie store.