CBRE is pleased to have arranged the $220 million sale of Westfield Brandon, a class-A, super-regional mall offering a rare combination of strong sales, unmatched regional connectivity, excellent in-place yields with significant growth potential, and extraordinary future densification & redevelopment potential. The property is located in Brandon, FL (Tampa MSA) on Interstate 75, at a convergence of highway infrastructure that has spearheaded decades of population growth in the Tampa MSA. The site totals 1.15 MM SF of GLA on 155.8 acres, of which 658,889 SF of GLA and 123.9 acres were included in the transaction. Owned area is anchored by Dick’s Sporting Goods plus a former Sears department store on 11.35 acres, which represented a sizable near-term re-leasing/redevelopment opportunity. The sale also included a 3-acre parcel approved for 180,000 SF commercial space plus a 7.1-acre development parcel.

CBRE’s National Retail Partners teams in Florida and the Midwest – led by a collaboration of Dennis Carson, Casey Rosen and Sriram Rajan from the Florida team and George Good and Pete Meyer from the Midwest team – provided exclusive representation to the seller, Unibail-Rodamco-Westfield SE (“URW”). URW is Europe’s largest mall operator and continues to successfully execute its strategic dispositions of U.S. malls. North American Development Group, a multi-strategy real estate platform with over $5.7B of AUM, based in West Palm Beach, FL purchased the property in joint venture with an institutional partner.
 
About North American Development Group
North American Development Group (“NADG”) has been active in real estate development, acquisition, redevelopment and management since 1977 with over 250 shopping centers, mixed-use and residential developments comprising well over 35 million square feet across the United States and Canada.
 
Please visit www.nadg.com for further information on North American Development Group.