High-performing Publix-anchored center in St. Petersburg trades

MIAMI, Aug. 6, 2025 – JLL Capital Markets announced today that it has closed the sale of Disston Plaza, a 129,150-square-foot Publix-anchored shopping center located in St. Petersburg, Florida.

JLL worked on behalf of the seller and procured the buyer, which is a joint venture between AEW Capital Management (AEW), Mack Real Estate Group (MREG) and Soundwater Properties.

Disston Plaza is a high-quality grocery-anchored center featuring a 45,600-square-foot Publix supermarket with over 40 years of tenure at the center. The property is 90% leased to a diverse mix of national and regional tenants including Beall's Outlet, Dollar Tree, Pet Supermarket and others.

Situated at 3501 49th St. N, Disston Plaza is positioned strategically at a prime in-fill location along 49th St. N and 38th Ave. N, which see over 29,000 and 18,000 vehicles-per-day respectively, with multiple ingress/egress access points. The center is located within a densely populated trade area with over 130,000 residents within a three-mile radius and average household incomes exceeding $87,000.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Danny Finkle, Senior Director Jorge Portela, Vice President Kim Flores and Analyst Evan Lahr.

"Disston Plaza generated significant investor interest as it presented an opportunity to acquire a strong performing grocery-anchored center with clear NOI growth potential through lease-up of available space and mark-to-market opportunities," said Portela. "This transaction demonstrates continued strong investor demand for high-quality retail assets in Florida's fastest growing markets."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

AEW Capital Management and its affiliates had US $81.9 billion of gross assets under management as of December 31, 2024, including $77.6 billion in private equity real estate and $4.3 billion in real estate equity securities (REITs). The firm’s clients include many of the leading corporate and public retirement funds, foundations, endowments, insurance companies and investment management companies, as well as private investors.

AEW is an autonomous wholly owned subsidiary of Natixis Investment Managers, a global asset management firm. Headquartered in Paris and Boston, Natixis Investment Managers’ global assets under management totalled $1.4 trillion as of December 31, 2024. AEW is Natixis Investment Managers’ sole dedicated real estate investment affiliate. AEW operates autonomously from its parent company with respect to its day-to-day business affairs and investment management activities.

Mack Real Estate Group, LLC (MREG) is an institutional real estate investment firm with roots in several Mack family real estate businesses, dating back to the 1960s. Today, MREG’s vertically integrated equity, credit and property management businesses employ over 200 people with offices across the U.S. including New York, Seattle, Phoenix, Miami and Raleigh. MREG’s equity business specializes in the acquisition, development and management of multifamily and industrial properties located in gateway and high-growth markets. MREG’s portfolio of current and realized investments represents nearly 11,000 multifamily units and more than 7 million square feet of industrial space, including development and pre-development pipeline. The firm’s affiliated credit business, Mack Real Estate Credit Strategies, L.P. (MRECS), has originated, co-originated, or acquired more than $20 billion of loans since 2015 across multiple lending strategies. MRECS invests across the capital stack through various public and private vehicles and an MRECS affiliate manages one of the largest publicly traded commercial mortgage REITs, Claros Mortgage Trust, Inc. (NYSE: CMTG). For more information, visit www.mackregroup.com and follow @Mack Real Estate Group on LinkedIn.

Soundwater Properties, founded in 2021 by two seasoned real estate professionals with 30 years of combined institutional experience, is a boutique real estate operator focused on acquiring, developing and operating retail shopping centers throughout the East Coast. The company combines an institutional approach with an entrepreneurial mindset to extract value from under-managed shopping centers, currently managing a portfolio of four assets totaling over 730,000 square feet with an approximate market value of $210M while actively seeking core-plus grocery-anchored properties and value-add retail investments.