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