Westfield Brandon mall sold for $220 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 2, 2023

A real estate firm that owns significant retail properties throughout the Tampa Bay region has paid $220 million for the property formerly known as Westfield Brandon.

North American Development Group, which has offices in West Palm Beach and Ontario, closed on its acquisition of the mall on May 24, according to Hillsborough County property records. The seller, Paris-based Unibail-Rodamco-Westfield, said in August 2022 that it planned to exit the U.S.

Wells Fargo provided a $121 million mortgage for the acquisition, Hillsborough County property records show.

CBRE’s national retail teams in Florida and the Midwest — led by Dennis Carson, Casey Rosen and Sriram Rajan from the Florida team, and George Good and Pete Meyer from the Midwest team — represented URW in the sale.

The sale also included a 3-acre parcel approved for 180,000 square feet of commercial development plus a 7.1-acre development parcel, CBRE said.

The 1.15 million-square-foot Brandon mall is 84.5% occupied, URW said in a news release. NADG has renamed the property Brandon Mall, according to its website.

“Although dozens of smaller, lesser quality enclosed malls trade hands every year, this is arguably the first mall of this size and quality to trade in an open market, arms-length transaction in over five years,” Good, CBRE executive vice president, said in a statement.

Representatives from NADG did not respond to requests for comment. In the Tampa Bay region, NADG owns Seminole City Center, an open-air shopping center; Valrico Commons, a Publix-anchored shopping center; and Courtyard at Countryside in Clearwater.

“This asset had a rare combination of retail strength and momentum combined with long-term mixed-use development potential,” CBRE’s Dennis Carson said in a statement. “This aligned perfectly with the buyer’s expertise as an owner and developer of large-scale retail assets and multifamily residential projects across North America.”