Commercial Real Estate, Capital, Insurance, Leasing & Management

Business Observer: Prominent shopping center listed for $45.8 million

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Tampa’s The Corner at Westshore, home of The Container Store, LongHorn Steakhouse, for sale

One of Tampa’s most well-known retail properties is on the market.

The real estate brokerage Franklin Street has listed the 67,019-square-foot shopping center The Corner at Westshore 1 and 2 for $45.8 million. The property is in the Westshore District, across the street from International Plaza and home to retailers and restaurants including The Container Store, Olive Garden, AT&T and Sleep Number.

The center can be divided up and sold separately, as well, with The Corner at Westshore 1 —39,733 square feet — listing for $25 million and The Corner at Westshore 2 — 27,286 square feet — listing for $20.8 million.

Phase 1 includes The Container Store, Sleep Number, Loli’s Mexican Cravings and Bank United. Phase 2 includes Olive Garden, Gym Source, LongHorn Steakhouse, Peiwei and AT&T

According to Franklin Street, the center is 100% leased and the current tenants have over 11 years of term left on their leases with rent hikes built in. 

Construction on the center, on 6.67 acres, was completed in 2014.

The center sits at West Spruce Street and North Westshore Boulevard, one of the busiest corners in Tampa with heavy traffic from travelers staying at one of a half dozen hotels within walking distance and daily commuters heading toward the Courtney Campbell Causeway, Interstate 275 or the Veterans Expressway. That’s in addition to being within a couple of miles of the airport and several apartment communities.

Franklin says that, at $700 per square foot, this is slated to be one of the biggest local shopping center sales of the last couple of years. Its records show nothing comparable in Hillsborough or Pinellas Counties has changed hands for more than the mid-$30 million range in 2021.

Read more here from the Business Observer

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