Tampa Monthly CRE Wrap-Up (Feb. 2020)

International Plaza trades as part of massive transaction. Coworking provider enters St. Petersburg. Marcus & Millichap appoints new VP. Here's our February selection of Tampa must-knows.
Rendering of Novel Coworking’s new space. Image courtesy of Novel Coworking.

The month of February was an active one in Tampa, with a diverse mix of deals closed or announced. A coworking provider made its first acquisition in the metro, and a nationwide, $3.6 billion retail deal will change up ownership at two Class A malls in the market. Here is our February wrap-up of Tampa’s must-reads:

1. DEAL – Tampa International Plaza to trade as part of $3.6 billion portfolio.

Simon Property Group is slated to acquire an 80 percent interest in Taubman Realty Group. The latter owns 24 Class A malls across the country, including International Plaza at Tampa International Airport and University Town Center in Sarasota. The 25 million-square-foot portfolio transaction is scheduled to close by the middle of this year.

2. FINANCING – Coworking firm enters St. Petersburg.

Novel Coworking has received $8.2 million in acquisition and development financing from Bank OZK for the acquisition of a 53,000-square-foot, five-story office building located at 333 Third Ave. N. The shared space provider plans to upgrade the property with fiber internet and customizable suites. Novel’s Florida footprint also includes three locations in Jacksonville, Orlando and Miami.

3. PEOPLE – Marcus & Millichap names new investments VP.

James Shiebler joined the company in 2016 as an associate and earned sales awards in 2017 and 2018. During his tenure, he has been involved in more than 75 transactions, valued at more than $200 million. Before joining Marcus & Millichap in Tampa, Shiebler held various executive roles in the hospitality industry, operating hotels, restaurants and resorts.

4. DEVELOPMENT – Carrollwood retail center commences overhaul, signs anchor tenant.

Barclay Group has kicked off renovation work at West Village Commons, a suburban retail center. The landlord plans to upgrade the facade and signage. Barclay has also signed EOS Fitness as the anchor tenant. The gym will occupy 41,700 square feet at 5360 Ehrlich Road and plans to open this year. NorthBridge Commercial Real Estate is handling leasing at West Village.

5. DEAL – Clearwater office portfolio changes hands.

Colliers has sold a 36,000-square-foot building as part of a $9.2 million portfolio transaction. Public records show that the buyer received roughly $7 million in financing for acquiring the Class B property at 29245 US Highway 19 N. The portfolio transaction also included a 50,000-square-foot office asset, located at 29399 US Highway 19 N.