The Corner at Westshore
Closed4720 Spruce St, Tampa, FL 33607
Property type
Retail
Price
$25,000,000
Building size
39,733 sf
Rentable area
39,733 SF
Year built
2013
Year renovated
Occupancy
Zoning code
Lot size
3.28 Acres
Sold/status
Sold · Date unknown
Sale price
$25000000
CAP
5.49%
Property description
Franklin Street is proud to present The Corner at Westshore in Tampa, Florida. This is a rare opportunity to acquire the fee simple interest in a multi-tenant shopping center sitting on 3.28 acres of land in prime Hillsborough County, Florida. The Corner at Westshore – is a 34,520 SF shopping center that was completed in 2013. It has three separate buildings - a single-tenant building occupied by The Container Store (corporate guarantee), a BankUnited single-tenant building (ground lease corporate guarantee), and a strip center with Sleep Number (corporate guarantee), and Loli’s Mexican Cravings. The Subject Property’s tenants have over 11 years of term remaining as well as rent increases, typically every five years. Furthermore, the opportunity offers additional passive billboard income (two billboards towers with four ads in total) from Outfront Media, Inc, a publicly-traded billboard operator with a market cap of $3.52 billion and over 512,000 displays nationwide with $1.8B in revenue (2019). Located at the signalized intersection of West Spruce Street and NorthWest Shore Boulevard, the property also profits greatly from the robust customer base that is drawn in by the International Plaza Shopping Mall and neighboring national hotel chains such as Hyatt Place, Ramada Hotel, Hampton Inn, DoubleTree, Marriott Hotel, Sheraton Suites, Holiday Inn, Embassy Suites, Extended Stay, Springhill Suites, and many others. Renowned restaurants and retail tenants near the property include: Eddie V’s Prime Seafood, Ruth’s Chris Steakhouse, The Capital Grille, Starbucks, and Lifetime Fitness, to name a few. The Tampa market continues to develop and expand at a rapid rate, with a wealthy surrounding base of citizens, having an estimated average household income of $102,865 in a ten-minute drive time radius of the property. The Corner at Westshore presents a savvy investor with the ability to benefit from a stable and cash-flowing shopping center in a tax-free state. The Subject Property is also located only 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.
Property highlights
- Generated multiple competitive written offers throughout the marketing period as a combined offering and as separate Phases (I & II)
- Exclusively represented the seller and sold to a local 1031 Exchange buyer who also hired Franklin Street leasing and management teams upon closing
- Highest price per square foot record sale in the Tampa MSA for 35k+ square foot properties per CoStar
- Trophy corner asset - best corner in Tampa located on 6.67 acres of land with future mixed-use development potential
- The site has excellent exposure, signage, and is located on the signalized corner of West Spruce Street and North Westshore Boulevard – totaling traffic counts exceeding 80,000 vehicles per day
- Premium tenant mix - Longhorn Steakhouse, Pei Wei, AT&T, Olive Garden, The Container Store, BankUnited, Loli's Mexican Cravings, Sleep Number, and OUTFRONT (Billboard)
- Favorable net leases with strong corporate guarantees for the majority of tenants - with center averages of 10+ years of term left remaining.
- The shopping center was constructed in 2013-2014
- Strong demographics – estimated household income of $102,865 within a 10-minute radius of the subject property
- Located across the street from International Plaza Shopping Mall anchored by Neiman Marcus and Nordstrom and containing 954,000 rentable square feet driving consumer traffic to the trade area
- Adjacent and surrounding hotel and retail national tenants include: Hyatt Place, DoubleTree, Sheraton Suites, Eddie V’s Prime Seafood, Starbucks, Marriott, Ruth’s Chris Steakhouse, The Capital Grille, and Lifetime Fitness, amongst others
- Less than two miles from Tampa International Airport, and walking distance to Old Tampa Bay