Jamestown Acquires Another Florida Retail Center

Tamarac Town Square has new owners. Jamestown has expanded its grocery-anchored shopping center portfolio by purchasing the 124,000-square-foot shopping center for $22.5 million. JLL represented the seller, Regency Centers. Regency Centers paid $10.2 million for the center in 1998. Tamarac is 5 minutes NW of Ft. Lauderdale.

Built in 1983 The Publix-anchored shopping destination is located at 8129-8315 N Pine Island Rd, Tamarac. The center has an 84% occupancy rate and houses 19 tenants. Leases include a strong roster of national retailers, including Publix, Retro Fitness, Dollar Tree, Humana and McDonald’s.

These centers are often considered recession-proof assets due to the essential nature of grocery stores, making them attractive investments for firms like Jamestown. Yesterday, ConnectCRE reported Jamestown acquired Fountain Oaks, a 160,000-sq.-ft. center anchored by Kroger in Sandy Springs, Ga., a northern suburb of Atlanta. Originally built in 1988 and renovated in 2003, Fountain Oaks is currently 92% leased to 38 tenants.