The 67,019-square-foot property sold for $664 per square foot in one of the largest post-pandemic retail sales in Tampa Bay
TAMPA, FL (April 21, 2021) – Franklin Street has arranged the sale of one of Tampa Bay’s most prominent Class A retail destinations, The Corner at Westshore I & II, located in Tampa’s fast-growing, highly sought-after Westshore District. The 67,019-square-foot property sold for $44.5 million, or approximately $664 square feet, in one of the largest post-pandemic retail transactions in the Tampa Bay market.
The Franklin Street Retail Investment Sales Team of Greg Matus and Adam J. Tiktin arranged the transaction on behalf of Saber Real Estate Advisors and ARC Trust, which originally developed the property in 2013 and 2014. The buyer is BQ 901 VN, LLC, which acquired the asset in a 1031 Exchange and was represented by Cushman & Wakefield’s Don LeBuhn.
Franklin Street has also been awarded the leasing and property management assignments for the property. Alex Wright and Bronwyn Eyeington will handle leasing.
Fully occupied, The Corner at Westshore features a premium tenant lineup of primarily national brands, including Longhorn Steakhouse, Olive Garden, AT&T, Pei Wei, Gym Source, The Container Store and Sleep Number. On average, lease terms have 10+ years remaining with attractive built-in rent increases. Two Outfront Media, Inc. billboards on the property drive additional passive income.
“Since bringing this property to market in December 2021, our team at Franklin Street generated significant interest and multiple competitive written offers,” said Matus. “That we were able to close on this transaction so quickly with a buyer who was interested in both phases of the property speaks to the strong demand for high-quality retail investment properties in Florida.”
Based on the total transaction value, The Corner at Westshore I & II marks one of the largest retail strip center sales in the Westshore market in recent years. It also achieved top of market per-square-foot pricing when compared to similar properties in Tampa Bay.
Saber’s Michael Klinger said, “The Corner at Westshore was a labor of love for Saber and ARC. The development is representative of the team’s focus: marquis real estate leased by best-in-class credit tenants. After a 10-year hold period, the project came to the end of its investment cycle for us.”
Located at 4720 W. Spruce St., The Corner at Westshore occupies 6.67 acres at the highly visible signalized intersection of West Spruce Street and North Westshore Boulevard, which sees an average daily traffic count of over 80,000 vehicles.
“The Corner at Westshore presented the opportunity to acquire a true trophy class asset on a highly visible and prominent corner within one of the country’s fastest-growing markets,” said Tiktin. “The property’s unbeatable location along with its strong roster of corporate-guaranteed tenants makes this property the gem of any commercial real estate portfolio.”
The property’s central location within Tampa’s Westshore Business District – the largest office market in the state of Florida with a rapidly growing residential population – provides a robust customer base.
It also benefits from proximity to the International Plaza shopping mall, numerous neighboring hotel chains such as Hyatt, DoubleTree, Marriott and Embassy Suites, as well as renowned dining options including Eddie V’s Prime Seafood, Ruth’s Chris Steakhouse, The Capital Grille and Ocean Prime.
The Corner at Westshore I & II is also situated just half a mile away from Interstate 275, which experiences traffic counts of 168,500 vehicles per day, and provides easy access to the entire Tampa Metropolitan Area. It is also minutes from Tampa International Airport.
With a track record of over 30 years dating back to its predecessor McCann Development, Saber has completed over $1.5 Billion of developments and acquisitions to date. Saber is led by two seasoned real estate professionals: Michael Klinger formerly of The Blackstone Group and The Related Companies and Martin Berger of McCann Development.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.