The 67,019-SF, two-phase property, which can be acquired as a whole or separately, boasts national credit tenants: Longhorn Steakhouse, Olive Garden, AT&T, Pei Wei, The Container Store and more
TAMPA, FL (December 7, 2021) – Franklin Street is seeking a buyer for one of Tampa’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 shopping center consists of two phases, which can be acquired together for $45.8 million or as two separate properties. The Corner at Westshore I, consisting of 39,733-square-feet, is listed at $25 million, while The Corner at Westshore II, consisting of 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 has been selected by the owner, Saber Real Estate Advisors, to exclusively market the trophy retail asset for sale.
Completed in 2014 and 100% occupied, the property 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. The tenants have over 11 years of term remaining with built-in rent increases. Two Outfront Media, Inc. billboards on the property drive additional passive income.
“The Corner at Westshore I & II has a truly unbeatable location on the best corner in Tampa with incredible exposure, signage and surrounding demographics,” said Tiktin. “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.”
At 4720 W. Spruce St., The Corner at Westshore I & II occupies 6.67 acres at the highly visible signalized intersection of West Spruce Street and North Westshore Boulevard, which sees an average daily traffic county of over 80,000 vehicles.
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.
“Supported by exceptionally strong population and economic growth, Tampa’s retail market has outperformed similar markets across the country and has more than recovered from pandemic-related challenges,” added Matus. “Long term, this property will continue to benefit from tremendous growth in Tampa, and specifically the Westshore submarket, where over 3,000 multifamily units are currently planned or proposed.”
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.