Commercial Real Estate, Capital, Insurance, Leasing & Management

Tampa Bay Business Journal: Container Store-anchored retail strip in Westshore has sold

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The Corner at Westshore, a retail center anchored by The Container Store and several restaurants, has sold for $44.5 million.

Franklin Street, which started marketing the property in late 2021, announced the sale on Wednesday. The property totals 67,019 square feet, and Franklin Street said the price per square foot of $664 is among the largest post-pandemic retail transactions in the Tampa Bay region.

The Corner sits on 6.67 acres at the intersection of West Spruce Street and North Westshore Boulevard and is 100% occupied. Tenants include Longhorn Steakhouse, Olive Garden, AT&T, Pei Wei, Gym Source and Sleep Number.

Greg Matus and Adam J. Tiktin of Franklin Street’s retail investment sales team represented the seller, Saber Real Estate Advisors and ARC Trust, which originally developed the property in 2013 and 2014. The buyer has retained Franklin Street to oversee the property’s leasing and management.

Auto dealership magnate and investor Bruce Qvale is the buyer, who acquired the property in a 1031 exchange. Don LeBuhn of Cushman & Wakefield Inc. represented Qvale in the transaction.

“Since bringing this property to market in December 2021, our team at Franklin Street generated significant interest and multiple competitive written offers,” Matus said in a statement. “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.”

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