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Wesley Chapel shopping center sold for nearly $63 million

Tenants include Michael’s and T.J. Maxx
The Grove at Wesley Chapel [Jones Lang LaSalle]

WESLEY CHAPEL - A partnership that includes a public company traded on the Tel Aviv Stock Exchange has bought the Grove at Wesley Chapel, a large community shopping center with several major retailers, for $62.7 million. The sale included the 471,279-square-foot center at the intersection of Interstate 75 and Wesley Chapel Road plus 114 additional acres suitable for development.

Among the Grove’s tenants are T.J. Maxx, Ross Dress For Success, Dick’s Sporting Goods, Best Buy, Dollar Tree, Michael’s and Cobb Theater. Approximately 176,000 residents with an average annual household income of $91,150 live within a 20-minute drive of the property, which is seen by more than 95,000 passing cars a day.

The buyer, Mishorim-Gold Properties, is a partnership between commercial real estate investor Mark Gold and Mishorim Real Estate, which invests mainly in commercial and office buildings in Israel and the United States. Together, Mishorim-Gold partnerships have acquired more than 20 properties, mostly shopping plazas in the Southeast. JLL Capital Markets handled the sale.