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Sep, 28

Tampa Retail Real Estate Market Report

tampa-commercial-real-estate-retail-market-report

At Bounat we work to regularly compile a comprehensive list of the top commercial real estate activity in the Florida region on a quarterly basis.

Retail leasing fundamentals in Tampa remain solid despite headwinds caused by continued disruptions in the supply chain and lingering pandemic-related concerns. Current vacancy is 3.3%, which is down over the past year and is well below the national average.

Retail demand in Tampa has been consistently strong over much of the past decade, driven by solid population gains, wage growth, and steady consumer spending.

Rent growth has accelerated in recent quarters due to strengthening overall leasing fundamentals following the lifting of some pandemic safeguards. Average asking rents as of 22Q2 are $22.38/SF, up roughly 10% since the beginning of the pandemic.

There is currently 1.2 million SF of new retail space underway, and 790,000 SF has delivered in the trailing 12-month period. While the pace of new development is falling short of previous years, an uptick in demand bodes well for future development.

Retail investment sales activity over the last year has totaled roughly $2.2 billion in total transaction volume, fueled by considerable investment volume during 21Q4, which was easily the strongest quarter on record. The previous record had been set just one quarter before in 21Q3 when over $540 million in retail properties traded hands, illustrating just how feverish investor appetite has been over the last year.

Retail investors continue to target deals in secondary markets like Tampa and Orlando as they seek higher yields, which is becoming harder and harder to achieve. Increased competition for assets is forcing an acceleration in overall retail pricing with the average price per SF growing by 10% year over year and by nearly 15% in the last two years. CoStar’s forecast calls for pricing to continue to rise through 2023 before beginning to level out in early 2024.

The most significant single-property trade over the last year took place in 22Q2 when Grand Central at Kennedy in the Channelside area sold to Maryland-based Mosaic Realty Partners for $38.1 million ($302/SF).

You can view our commercial properties in Florida to see what real estate assets are available for lease/sale.

Significant Retail Commercial Real Estate Sales in Tampa, Florida 

Q2 2022

Crosswynde * 1502 Marsh Cove Ct

Rating: 3*

Year Built: 2001

Building SF: 346,585

Vacancy: 0%

Sale Date: 1/13/2022

Price: $82, 564,888

Price/SF: $238

 

3139 Little Rd

Rating: 3*

Year Built: 2019

Building SF: 62,382

Vacancy: 0%

Sale Date: 3/30/2022

Price: $34,642,922

Price/SF: $555

 

Salt Shack On The Bay * 5415 W Tyson Ave

Rating: 3*

Year Built: 2019

Building SF: 4,000

Vacancy: 0%

Sale Date: 6/6/2022

Price: $34,000,000

Price/SF: $8,500

 

8840 Strength Ave

Rating: 3*

Year Built: 2019

Building SF: 56,796

Vacancy: 0%

Sale Date: 3/30/2022

Price: $33,357,078

Price/SF: $587

 

Pasadena Shopping Center * 6800-6892 Gulfport Blvd S

Rating: 3*

Year Built: 1959

Building SF: 163,746

Vacancy: 2.8%

Sale Date: 7/14/2021

Price: $32,650,000

Price/SF: $199

 

Valrico Commons * 1901-1999 State Road 60 E

Rating: 3*

Year Built: 1985

Building SF: 138,433

Vacancy: 0%

Sale Date: 8/25/2021

Price: $30,353,858

Price/SF: $219

 

Tesla Dealership * 11945 N Florida Ave

Rating: 4*

Year Built: 2019

Building SF: 30,160

Vacancy: 0%

Sale Date: 8/20/2021

Price: $27,500,000

Price/SF: $912

 

4720 W Spruce St

Rating: 3*

Year Built: 2013

Building SF: 39,733

Vacancy: 0%

Sale Date: 4/20/2022

Price: $24,611,500

Price/SF: $619

 

Grand Central at Kennedy * 1208 E Kennedy Blvd

Rating: 3*

Year Built: 2007

Building SF: 81,629

Vacancy: 19%

Sale Date: 6/24/2022

Price: $22,651,232

Price/SF: $277

 

Market At Mirada * SR 52 & Clinton Ave

Rating: 3*

Year Built: 2021

Building SF: 60,100

Vacancy: 0%

Sale Date: 12/22/2021

Price: $22,000,000

Price/SF: $366

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Q1 2022

Crosswynde * 1502 Marsh Cove Ct

Rating: 4*

Year Built: 2001

Building SF: 346,585

Vacancy: 0%

Sale Date: 1/13/2022

Price: $82, 564,888

Price/SF: $238

 

Pasadena Shopping Center * 6800-6892 Gulfport Blvd S

Rating: 3* 

Year Built: 1959 

Building SF: 163,746

Vacancy: 2.8%

Sale Date: 7/14/2021

Price: $32,650,000

Price/SF: $199

 

Valrico Commons * 1901-1999 State Road 60 E

Rating: 3*

Year Built: 1985 

Building SF: 138,433

Vacancy: 0%

Sale Date: 8/25/2021

Price: $30,353,858

Price/SF: $219

 

Tesla Dealership * 11945 N Florida Ave

Rating: 4*

Year Built: 2019 

Building SF: 30,160

Vacancy: 0%

Sale Date: 8/20/2021

Price: $27,500,000

Price/SF: $912

 

Market At Mirada * SR 52 & Clinton Ave

Rating: 3*

Year Built: 2021 

Building SF: 60,100

Vacancy: 0%

Sale Date: 12/22/2021

Price: $22,000,000

Price/SF: $366

 

Belmont Shopping Center * 14323 S US Highway 301

Rating: 3*

Year Built: 2020 

Building SF: 56,365

Vacancy: 0% 

Sale Date: 6/30/2021

Price: $21,000,000

Price/SF: $373

 

Summerfield Crossings * 12960 S US Hwy 301 Dr

Rating: 3* 

Year Built: 2019 

Building SF: 46,528

Vacancy: 0%

Sale Date: 7/19/2021

Price: $19,602,392

Price/SF: $421

 

30777 US Highway 19 N 

Rating: 2* 

Year Built: 1992 

Building SF: 70,741

Vacancy: 0%

Sale Date: 10/18/2021

Price: $19,300,000 

Price/SF: $273

 

The Shoppes at Avalon * 13455-13485 County Line

Rating: 4*

Year Built: 2009 

Building SF: 65,600

Vacancy: 6.4%

Sale Date: 3/1/2022

Price: $17,500,000

Price/SF: $267

 

Starkey Ranch Publix * 13589 State Road 54

Rating: 4*

Year Built: 2019 

Building SF: 45,600

Vacancy: 0%

Sale Date: 12/10/2021

Price: $17,350,000

Price/SF: $380

 

View the Tampa Industrial Real Estate Market Report Here

View the Tampa Multifamily Real Estate Market Report Here

View the Tampa Office Real Estate Market Report Here