Commercial Real Estate, Capital, Insurance, Leasing & Management

Tampa Bay Business Journal: Container Store Anchored Retail Center in Westshore is on the Market

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A prime piece of retail property in Tampa’s Westshore business district is on the market.

The Corner at Westshore I and II — the properties at the intersection of
Westshore Boulevard and West Spruce Street, anchored by The
Container Store and home to Olive Garden, Longhorn Steakhouse,
Gym Source, Pei Wei Asian Diner and more — are listed for sale at
$45.8 million. The ownership, Saber Real Estate Advisors, is also
willing to sell them separately: The Corner at Westshore I, which is
39,733 square feet, is listed at $25 million. The Corner at Westshore
II, which is 27,286 square feet, is listed at $20.8 million.

The Franklin Street retail investment sales team, led by Adam J.
Tiktin
and Greg Matus, is marketing the property for sale.

The properties sit on a combined 6.67 acres. If they sell for the list
price of $45.8 million, the sales price will break down to just under
$700 per square foot, representing the upper end of Tampa Bay’s
retail real estate market.

“Long term, this property will continue to benefit from the
tremendous growth in Tampa, and specifically the Westshore
submarket, where over 3,000 multifamily units are currently
planned or proposed,” Matus said in a statement.

Both centers are fully leased and occupied.

“The Corner at Westshore I & II has a truly unbeatable location on
the best corner in Tampa with incredible exposure, signage and
surrounding demographics,” Tiktin said in a statement. “This is a
rare opportunity for a savvy investor to benefit from a stable and
cash-flowing shopping center with numerous corporate guaranteed tenants in a tax-free state.”

Read more here from the Tampa Bay Business Journal

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