Please ensure Javascript is enabled for purposes of website accessibility
News & Notes

This week saw supermarket's property sold, outlet mall turned office complex sell for $31M

A look at some of the week’s commercial real estate happenings across the region.


The 50-acre 6302 Corporate Center on E. Dr. Martin Luther King Boulevard in Tampa was an outlet mall for 14 years before being turned into an office complex.
The 50-acre 6302 Corporate Center on E. Dr. Martin Luther King Boulevard in Tampa was an outlet mall for 14 years before being turned into an office complex.
Courtesy photo
  • Commercial Real Estate
  • Share

Naples/Fort Myers

Supermarket selloff: An LLC based in Pennsylvania has paid $26 million for a Cape Coral property at 1401 S.W. Pine Island Road which just happens to be the site of Farmer Joe’s Fresh Market. County property records identify the buyer as the cleverly named Real Estate Holdings & Development Co. A Google search doesn’t bring up much about the new buyer. The previous owner was GNS Holdings, which in June 2020 paid $1.8 million. Whoever the new owner is, Farmer Joe’s opened a year ago and shows little sign it's going anywhere.


Tampa/St. Petersburg

Outlet shopping: A Miami investment firm founded last year has paid $31 million for an office center in Tampa. Torose Equities bought the 350,000-square-foot 6302 Corporate Center on East Dr. Martin Luther King Boulevard. The center sits on 50 acres and has two lakes.  It was built in 1984 as an outlet mall then converted into an office complex 14 years later. Torose was launched last year by Scott Sherman, an industry veteran. The firm’s focus will be on value-add urban retail, office and mixed-use across the Southeast U.S.



Keeping it reel: Darryl Shaw, the developer behind the Gas Worx development in Ybor City and who’s just filed a zoning application for 33-acre mixed-use waterfront development on the Ybor Channel, has been picked to head up a $40 million capital campaign for the Florida Aquarium. Shaw, who is the son and brother of veterinarians and co-founded BluePearl Veterinary Partners, will head up the fundraising for an expansion that will include a grand outdoor California sea lion habitat. Shaw is the developer behind the 50-acre Gas Worx development which will include 5,000 residences, 500,000 square feet of office and 140,000 square feet of retail. The channel plan calls for 6-million square feet of residential, office, hotel and retail space.

Snapshot: It could be a tough year for the office sector. A new market report from Avison Young finds that companies are continuing to reduce space and downsize heading into the new year. The proof is the amount of space to sublease in the market is up 74.5% year-over-year. That’s over 3 million square feet. As for new office space coming into the market, the report says there’s no new inventory under development and only office project set to break ground this year Tampa Electric’s new headquarter in Midtown Tampa.

Apartment deal: The French Quarter Apartments have been sold to a pair of Arizona LLCs who Florida’s Division of Corporations say are a few blocks apart in Phoenix. The complex on N. Armenia Avenue brought $10.75 million. The 58-unit apartment community was built in 1968 and is made up of a series of three- and four-story buildings. It has one- and two-bedroom units ranging from 600 square feet to 785 square feet.


Sarasota/Manatee

Seat at the table: Melissa Harris has been named a partner at the Sarasota commercial real estate firm Ian Black Real Estate. Harris joined the firm in 2011 as a property manager then jumped into sales and leasing not long after. As a sales associate, her clients included some of the largest landlords in the area as well as local and national tenants and buyers. Just last year she was named commercial realtor of the year by the Realtor Association of Sarasota and Manatee. She is the third woman to be named partner at Ian Black.

Nudge, nudge: Wink Wink Modern Lounge has opened inside The Sarasota Modern. The lounge, which is adjacent to the Wink Wink Modern Pool Bar, “creates a lively indoor-outdoor vibe that blends contemporary elegance with playful Tiki stylings.” The menu features tropical fusion cuisine and modern takes on traditional global dishes as well as a collection of signature cocktails. The Sarasota Modern is a boutique hotel on Boulevard of the Arts. It operates under Marriott’s Tribute Portfolio flag.


If you have news, notes or tips you want to pass along, contact [email protected] Or you can text or call 727-371-6944.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

Related Articles