Commercial real estate firm Franklin Street is seeking a buyer for The Corner at Westshore I and II, prime retail property situated in Tampa’s Westshore District.
The Corner at Westshore I houses The Container Store, Sleep Number, Loli’s Mexican Cravings and Bank United. Westshore II includes Olive Garden, Gym Source, Longhorn, Peiwei and AT&T.
Property owner Saber Real Estate Advisors have tabbed Franklin Street Retail Investment Sales Team, led by managing directors Adam J. Tiktin and Greg Matus, to market the trophy retail asset for sale exclusively.
As the saying goes, location is everything. The property is centrally located within Tampa’s Westshore Business District, which, according to a Franklin Street press release, is the largest office market in Florida.
Established a half-mile from I-275 and minutes from Tampa International Airport and International Plaza and Bay Street, the property sees traffic counts upwards of 168,500 vehicles per day.
“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.”
The two-phase 67,019-square-foot property can be acquired as a whole for $45.8 million or separately. The Westshore I parcel (39,733-square-feet) is listed at $25 million, while Westshore II (27,286 square feet) is listed at $20.8 million.
“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.”