Colliers Arranges $38.1M Sale of Grand Central at Kennedy Mixed-Use Development in Tampa

by John Nelson

TAMPA, FLA. — Colliers has arranged the sale of 115,899 square feet of office and retail space within Grand Central at Kennedy in Tampa’s Channel District. An affiliate of Maryland-based Mosaic Realty Partners purchased the shops and offices for $38.1 million, which is the largest retail transaction in Tampa’s core districts in terms of sales price, according to Colliers.

In addition to the 60,329 square feet of retail space and 55,570 square feet of office space, the transaction includes a transfer of interest in the management for the property’s two parking garages that comprise 862 spaces. Grande Central at Kennedy was developed in 2007 and four tenants — retailers CVS/pharmacy and Crunch Fitness and office users Kraft Heinz Foods and Quality Carriers (a division of CSX Corp.) — occupied 80 percent of the gross leasable space at the time of sale. Other tenants include Massage Envy and several bars and restaurants, including Cena, City Dog Cantina, Pour House and Maloney’s Irish Pub. Grand Central at Kennedy also includes condos that were not part of the sale.

Mike Milano, Nicholas Coccodrilli and Brandon Rapone of Colliers’ West Florida Retail Investment Team represented the seller, Mercury Advisors, the original developer of the project, in the transaction. Donald Jennewein and Nathan Lynch with Colliers’ Debt & Equity Finance team in Tampa arranged an undisclosed amount of acquisition financing on behalf of Mosaic Realty.

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