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TBBJ: In the Shadow of Tampa Bay’s Office Market

Tampa Bay’s office market is showing the first signs of strain since the novel coronavirus pandemic forced employers to transition to a work-from-home model seven months ago.

The most telling data point is the increasing amount of office space available for sublease across Tampa Bay — which JLL Inc. says has hit a historic high of 1.5 million square feet at the end of the third quarter. Nearly 700,000 square feet of sublease availability has been added since March, when the pandemic arrived on U.S. shores…

Covid may have accelerated some trends’

It’s too soon to speculate what the long-term implications of the pandemic might be for the office market. Some household names in Tampa Bay — AdventHealth’s West Florida division and Tervis Tumblers — have already declared remote work a win and plan to shed some of their current real estate. Others, like Heritage Insurance, say they’re fully committed to in-office workers; Heritage in early October announced a 90,000-square-foot office lease and equity stake in Westshore City Center.

Franklin Street founder Andrew Wright, whose investment firm Ally Capital owns the Westshore City Center, says he doesn’t foresee a mass exodus from the office market.

“I do think we’ll see downsizing,” Wright said. “I just don’t think it’ll be a 10-year trend.”

Read the full article from Tampa Bay Business Journal.

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Featured Deal

Franklin Street Arranges Sale of Clearwater Shopping Center for $5M

The NNN retail property is fully occupied by a diverse mix of national and local tenants

CLEARWATER, FL (October 12, 2020) – Franklin Street has arranged the sale of Clearwater Town Square, a 14,880-square-foot, Class A shopping center. The fully occupied property is triple-net leased to a desirable mix of eight national and local tenants, including JP Morgan Chase Bank, FedEx, and Jimmy John’s, as well as a local coffee shop, kickboxing gym and pizzeria.

The Franklin Street Investment Sales Team of Greg Matus, Anthony Suarez, Ryan Derriman and James Rea represented the seller in the transaction, and the firm’s Capital Markets Team provided the buyer with financing. The buyer also retained Franklin Street to lease and manage the property.

“Clearwater Town Square presented the opportunity to acquire a fully occupied shopping center with a diverse tenant mix, strong in-place income and ideal location across from a high-performing Publix,” said Matus. “This listing generated over 30 competitive offers and bids from both private and institutional investors, showing that quality retail properties are still very much in demand in the Tampa Bay market.”

At 511-553 S. Fort Harrison Ave., Clearwater Town Square offers excellent visibility on the hard corner of S. Fort Harrison Avenue and Turner Street, just blocks away from downtown Clearwater. The property also benefits from being directly across from a Publix-anchored plaza with an AT&T, UPS Store, and Wells Fargo.

For Franklin Street press inquiries, please contact Public.Relations@Franklinst.com.