TAMPA, Fla., December 4, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Shoppes on Fowler, a 16,388-square foot retail property located in Tampa, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,500,000.
James Medefind, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Shoppes on Fowler is located at 1715 East Fowler Avenue in Tampa, Fla. The subject property is anchored by Party City, who has occupied the center on a net lease for more than 25 years. The remaining two tenants are also on net leases with built-in annual rent increases, providing an investor future upside and a long-term stable income stream. The subject property also includes a billboard with more than 10 years on the lease.
Shoppes on Fowler benefits from frontage on busy East Fowler Avenue, which exposes the property to 56,000 vehicles per day. The subject property is ideally positioned across the street from the former University Mall, which is the site of a 100-acre redevelopment project known as the Uptown District. The project will transform the mall into a multi-story, urban neighborhood featuring retail, entertainment, apartments, hospitality, corporate offices, co-working spaces, and life sciences and technology research institutes. The first phase of the development is currently underway, which involves demolishing the west side of the property to make way for the construction of pedestrian-oriented street retail and restaurants, as well as redeveloping a former two-story department store into a Class A Office complex. Shoppes on Fowler is also ideally located just one mile from the University of South Florida. The University of South Florida is the largest university in Florida and currently has over 50,000 students enrolled.
Located in Tampa's University Square neighborhood, Shoppes on Fowler is strategically positioned between three major interstates; Interstate 4, Interstate 75, and Interstate 275. The property receives heavy traffic due to its close proximity to many attractions including Busch Gardens, Adventure Island, the Museum of Science and Industry. The subject property is approximately 15 minutes north of downtown Tampa, which is currently undergoing a $3 billion expansion known as the Water Street project. This, along with the growth of Tampa's Downtown and Channelside District is expected to bring several hundred thousand residents to the Tampa Bay market over the next decade.