Pending sale of Container Store-anchored retail center a potential record setter for Tampa Bay
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 22, 2015

The pending sale of The Corner at Westshore - the retail center anchored by the Container Store - has the potential to be a record setter for Tampa Bay.

Patrick Berman, a senior director of retail brokerage at Cushman & Wakefield of Florida Inc., told the Westshore Alliance's annual development forum Tuesday that a sale of the property was pending, though he didn't disclose the buyer or sales price.

The property is being marketed by Marcus & Millichap brokers in Fort Lauderdale and New York. A call to the listing broker in Fort Lauderdale was pending return.

The marketing materials for the property show an aggressive asking price of $42.8 million, or more than $700 per square foot. That is an enormous number and a potential record setter for retail real estate in Tampa Bay if the property actually commands that, commercial real estate experts say.

The 60,996-square-foot retail center, built in 2013, is fully occupied. Across the street from luxury mall International Plaza, it is in the heart of one of Tampa's most densely populated trade areas. Tenants include the Container Store, Sleep Number, BankUnited and a number of restaurants, including Olive Garden and Pei Wei Asian Diner.

It's a good time to take a property like that to market - it's a stable, cash-flowing asset on one of the most visible corners in the city. Foreign and domestic investors are chasing real estate deals in Tampa, and an irreplaceable asset in a location like The Corner is almost certain to garner a lot of attention.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.