TAMPA, FL, March 7, 2018 – Cushman & Wakefield has been named the exclusive advisor for the disposition of Tampa Bay Center, a 142,350-square-foot urban infill shopping center in Tampa’s Westshore Business District. Formerly anchored by a Kmart, the property is now a best-in-class retail center with diverse internet-resistant tenancy.
Cushman & Wakefield’s Managing Director Jason Donald, Managing Director Patrick Berman and Associate Todd Tolbert have been retained to market the asset by owner Five RE Tampa Bay Center, LLC.
Tampa Bay Center is situated on 11.57 acres at 2905 N. Dale Mabry Highway, just south of Raymond James Stadium. Ownership recently invested $5 million into renovating the property. The shopping center is now 97 percent leased to nationally recognized tenants.
Ashley Furniture and Floor & Decor anchor the property with 43,341 square feet and 60,027 square feet, respectively. The Ashley Furniture store serves as a flagship for the national retailer and is used to introduce new signature product lines. It performs within the top 10 percent of Ashley Furniture stores nationwide.
Other tenants include The Tile Shop, Dollar Tree, Metro PCS and a free-standing WingHouse restaurant, which is the Florida-based chain’s best performing location. The shopping center also includes an improved out-parcel with a pending lease to a regional credit client.
“Tampa Bay Center’s current ownership has done a remarkable job of repositioning this property into a high-performing asset with a diverse and stable tenancy,” said Donald. “The momentum building for this property coupled with the irreplaceable location makes this a strong investment opportunity with high potential for return.”
Tampa Bay Center is situated in a high-density trade area along Tampa Bay’s primary commercial artery, Dale Mabry Highway. At the intersection of Columbus Drive, it is visible to nearly 100,000 vehicles per day. It is part of the busy Westshore Business District, Tampa’s largest office submarket, which employees approximately 94,000 people. Additionally, 104,414 residents live within a three-mile radius.
Tampa Bay Center is half a mile north of Interstate 275, two miles east of Tampa International Airport and three miles west of downtown Tampa.
View a video of the property here. Interested parties should contact Jason Donald at Jason.firstname.lastname@example.org or 813-204-5329.
About Cushman & Wakefield:
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.