TAMPA, FL—Walmart just snapped up a mostly-vacant shopping center in Tampa for $2.95 million in Tampa. The retail space sits on 3.7 acres.
The center, Greenhouse Shoppes, is on the northeast corner of Dale Mabry Highway and Hillsborough Avenue. Sterling Retail Services manages the property on behalf of the owner, Abaco-Greenhouse, and represented the seller in the transaction.
“With the addition of Walmart Neighborhood Market as an anchor, we firmly believe the center will once again become a thriving property,” says Brian Kosoy, CEO of Sterling Organization. “We expect that this strong new anchor and the great location will attract more desirable tenants to Greenhouse Shoppes as we complete the property’s redevelopment on behalf of the owner.”
The sale includes 34,232 square feet of existing vacant shop space on the eastern side of the center that was once home to CompUSA. Walmart intends to redevelop the store into a new Neighborhood Market grocery store.
Redevelopments are taking over the Tampa Bay area, with several shopping centers either beginning or wrapping up projects this year. From strip centers to malls, all kinds of retail properties are being redeveloped, but the lion’s share of activity is focused on non-performing assets located in key corridors. So says Brian Bern, a senior director at Franklin Street.
“In 2014, redevelopment will remain the hottest form of construction in the Tampa Bay area as landlords seek to improve sales and tenancy,” Bern tells GlobeSt.com. “We saw record levels of leasing activity in the first quarter, which we expect will continue as newly redeveloped projects come on-line.”