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Grand Central at Kennedy’s retail space in Tampa’s Channel District sells for record-breaking price


Major retail investment opportunity in Tampa’s urban core trades hands for $38.1 million

A total of 115,899 square feet of ground-floor retail and office space in Grand Central at Kennedy, in the fast-growing north end of Tampa’s Channel District, has sold for a record-breaking price of $38.1 million.


The buyer is Mosaic Grand Central Owner LLC, an affiliate of

Mosaic Realty Partners, a private real estate investment firm based out of Maryland. The $38.1 million purchase is the largest retail transaction in Tampa’s urban core in terms of sale price.

This also represents the largest retail disposition in Tampa’s urban core since 2014, when Jeff Vinik purchased the 225,000 square feet that was previously Channelside Bay Plaza before being converted into what’s now Sparkman Wharf.

Grand Central at Kennedy is a high-profile urban mixed-use development that features retail, office and residential condominiums. In addition to the ground-floor retail and office space, the transaction also included a transfer of interest in the parking garage management.

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


This was a rare opportunity for a buyer to acquire a trophy retail asset that is part of a premier mixed-use development in the Tampa urban core. Given the lack of available land in the Channel District, it’s unlikely that a project of this scale, with a similar level of functionality and synergy between residential, office and retail, can be replicated.”

- Mike Milano, Executive Managing Director, Retail Investment Services, Colliers


At the time of the sale, the property was 100% occupied by 15 tenants. Of the listed property, 60,329 square feet is retail space and 55,570 square feet is office space. Parking management included in the transaction involves usage of 862 parking spaces for retail and office users and their visitors, divided over two garages.


Four major tenants - retailers CVS Pharmacy and Crunch Fitness, and office users Kraft Heinz Foods and Quality Carriers (a division of CSX Corporation) - occupy 80% of the gross leasable space. Other tenants include bars and restaurants Cena, City Dog Cantina, Pour House and Maloney’s Irish Pub, as well as a Massage Envy franchise. It also features a newly renovated decentralized outdoor courtyard.


The Channel District has seen impressive growth in the past couple of years, with the introduction of new apartment buildings, bars and restaurants, necessity retailers and increased office activity. The area has matured into a vibrant live-work-play environment.


Originally developed in 2007, Grand Central at Kennedy was the Channel District’s first mixed-use project. Today, there are 1,650 multifamily units in the immediate vicinity, including luxury apartments Channel Club, The Fitzgerald and The Slade, as well as Grand Central at Kennedy’s 392 condominiums. Development of an additional 675 multifamily units is currently underway within a tenth of a mile of the property.

“As in-migration within the Tampa Bay area continues to increase, the urban core maintains its stature as the optimal location for retail and multifamily developers to flourish. For multifamily, average occupancies are pushing north of 95% and per-square-foot rents are breaching $4. The demand for pedestrian retail increases with each new resident, positioning Grand Central and all real estate investments within the Channel District for extensive growth in value.”
– Nicholas Coccodrilli, Senior Investment Analysis Manager

Since it was established in 2012, buyer Mosaic Realty Partners has acquired 2.7 million square feet of commercial property with an investment value in excess of $320 million. With approximately a dozen investment properties in the Mid-Atlantic region, this is the firm’s first purchase of a property in Florida.

The property, at 1120 and 1208 E Kennedy Boulevard, is located a half-mile from both the Water Street development and the future Gas Worx development.

Related Experts

Mike Milano

Executive Managing Director, Retail Investments


Mike Milano, CCIM, MAI, is a Managing Director and has been with Colliers for 20 years. Mike has sold retail properties throughout Florida, and is consistently a top producer having sold in excess of $2.0 billion since joining Colliers. Holding both a CCIM and MAI designation is a rare accomplishment and speaks to Mike’s skill as a professional. Mike oversees retail investment sales throughout Florida, providing acquisition and disposition services to institutional and private clients.

Mike specializes in the sale of credit anchored shopping centers, lifestyle centers, enclosed malls, freestanding, net-leased retail and redevelopment properties. Mike has formed strategic alliances with mortgage brokers and lenders active in today’s market. This helps provide clients with access to both debt and equity.

Mike also has extensive experience assisting private clients, lending institutions and special servicers with disposition and workout solutions for challenging assets as well as performing and non-performing debt.

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Nicholas Coccodrilli

Senior Investment Analysis Manager


Throughout his professional career, Nicholas has successfully contributed to over a billion dollars in commercial real estate transactions. Nicholas joined Colliers in the Fall of 2018 as a Senior Financial Analyst. At Colliers, Nicholas’ responsibilities included administration of team operations, acquisitions/dispositions advisory, asset management advisory, business development, underwriting, and business consulting. In early 2022, Nicholas was promoted to Senior Investment Analysis Manager. Nicholas specializes in the National Multifamily/ Student Housing sector however has also had an abundance of experience working with Development, Office, and Retail. Before joining Colliers, Nicholas worked with the National Seniors Housing and Medical Office Team for Marcus and Millichap. Nicholas carries a Florida Real Estate License, Argus Enterprise Certification, and Bachelor of Science in Finance from the University of Tampa’s, Sykes College of Business

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Brandon Rapone

Senior Associate, Retail Investments


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Donald Jennewein

Executive Managing Director, Debt & Equity


Don Jennewein has over 30 years’ experience in the mortgage banking industry with transactions totaling more than $6 billion, primarily in retail, multi-family, office, and industrial properties.

Prior to joining Colliers International, Don was a Senior Vice President for CBRE, Inc., in the Debt & Structured Finance department and was responsible for loan origination, underwriting, appraisal, coordination of loan closings, cultivation of developer clients and negotiation of loan terms and conditions.

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Nathan Lynch

Executive Managing Director


Nathan Lynch worked with CBRE for 10 years prior to joining Colliers International. Nathan was a graduate of Linfield College in McMinnville, OR with a Bachelor of Science in Finance and a minor in mathematics.

Prior to joining Colliers International, Nathan specialized in debt and equity finance with CBRE. Nathan has been directly involved in the placement of over $2 billion in commercial real estate debt and has originated over $500 million in commercial debt in Europe and the U.S. Nathan also managed a servicing portfolio of 200 loans totaling over $1.2 billion.

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