Tampa Retail Center Trades for $27M
- Sep 07, 2018
Equity Management Partners has acquired Tampa Bay Center, a 142,350-square-foot urban infill retail center in Tampa, for $27 million. Cushman & Wakefield arranged the sale on behalf of the seller, FIVE RE Tampa Bay Center. The shopping center was 97 percent leased at the time of sale.
Located at 2905 N. Dale Mabry Highway, the asset is just off Freeway 92, near Interstate 275, approximately 4 miles from downtown Tampa and within one mile of Raymond James Stadium. Tampa Bay Center occupies nearly 12 acres and has recently undergone a $5 million renovation. The center is currently anchored by Ashley HomeStore and Floor & Décor, while other tenants include The Tile Shop, Dollar Tree, Metro PCS and a free-standing WingHouse restaurant.
“The previous owners of this property were highly successful in repositioning it as a top retail asset capable of retaining and attracting a diverse and stable mix of credit-worthy tenants,” said Jason Donald, managing director at Cushman & Wakefield, in prepared remarks.
The Cushman & Wakefield team included Donald, Managing Director Patrick Berman and Associate Todd Tolbert. Earlier this year, the team also negotiated the sale of the 169,000-square-foot Marketplace Square in Jensen Beach.
Image courtesy of Cushman & Wakefield