Franklin Street has arranged the $44.5-million sale of The Corner at Westshore I & II in Tampa’s Westshore District. The 67,019-square-foot, Class A retail property sold for $664 per square foot, which according to the company makes it one of the largest post-pandemic retail transactions in the Tampa Bay market.
A Franklin Street team of Greg Matus and Adam Tiktin arranged the transaction on behalf of sellers Saber Real Estate Advisors and ARC Trust, which developed the 6.67-acre property in 2013 and 2014. The buyer acquired the asset in a 1031 exchange and was represented by Cushman & Wakefield’s Don LeBuhn.
Franklin Street has been awarded the property’s leasing and property management assignments.
The Corner at Westshore is fully occupied and features a tenant lineup of primarily national brands. On average, lease terms have 10+ years remaining with built-in rent increases. Two Outfront Media, Inc. billboards on the property drive passive income.