One of Tampa’s most significant malls sold for $44.5 million.
The 67,019 square foot corner in Westshore was sold to car dealership Bruce Qvale, who purchased the property in a 1031 exchange. The property is in the Westshore neighborhood across from International Plaza and is home to retailers and restaurants including The Container Store, Olive Garden, AT&T and Sleep Number.
According to commercial real estate brokerage Franklin Street, the sale price of $664 per square foot is one of the biggest sales in the market for some time.
“It’s not quite a record price, as some malls are trading above $700 (per square foot). However, these were more like lifestyle and neighborhood hubs with grocery anchors, which I would put in a different category,” a company spokesperson said in an email.
Franklin Street, which represented the seller, will lease and manage the property.
Qvale runs Qvale Auto Group which owns Volkswagen Brandon and Audi Lakeland.
The center is at West Spruce Street and North Westshore Boulevard, one of Tampa’s busiest corners with heavy traffic from travelers staying at one of six hotels within walking distance and daily commuters heading for the causeway of Courtney Campbell, Interstate 275 or the veterans. Expressway. This is in addition to being a few miles from the airport and several apartment communities.
The 6.67 acre property was developed by Saber Real Estate Advisors ARC Trust, the sellers of the transaction. The works were completed in 2014.
The property is actually made up of two centers – The Corner at Westshore 1 and 2.
Phase 1, which measures 39,733 square feet, includes The Container Store, Sleep Number, Loli’s Mexican Cravings and Bank United. And Phase 2, which measures 27,286 square feet, includes Olive Garden, Gym Source, LongHorn Steakhouse, Pei Wei and AT&T.
Franklin Street says The Corner is fully rented. There are more than 10 years left under the terms of the lease with built-in increases. There are also two notice boards on the property.