Tampa, Florida - First it was BayWalk in St. Petersburg, then Channelside went on the market and now Centro Ybor is for sale.
The owners of the Latin Quarter complex announced Thursday morning that they would start accepting bids for the 216,317 square-foot facility next week. By putting the property up for bid, the current owners, who purchased Centro Ybor in 2006, will not be publishing an asking price.
"Out of fairness to the owner and the process, we don't want to really speculate (on a sales price)," Mike Milano with Colliers International Tampa Bay said.
Milano who recently handled the sale of Baywalk will also handle the sale of Centro Ybor. But unlike BayWalk and Channelside, Milano insists Cnetro Ybor is doing well with a 90 percent occupance.
"Again (the owners') sense that there's an opportunity in the market. This is a favorable market in which to see and they just want to take advantage of that."
Currently a 20-screen movie theater complex, a comedy club and business called Gametime occupy 50% of Centro Ybor. Office space now fills another 19% with restaurants taking up another 18%.
In 2000, CMJ Centro Ybor, LLC, an affiliate of M & J Wilkow, Ltd. of Chicago purchased the property for $11.9 million. The company paid another $4 million to pay off back taxes and other debt.
Thursday's announcement caught some business owners in the complex by surprise with Vicki Doble, the owner of Tampa Bay Brewing Company wondering if a sale would mean significant changes.
"People you don't know, you're always a little leery of what's going to happen so hopefully the contract is good and we'll all fare very well." Doble said.
You can read more about the sale is a release posted below:
Successful Centro Ybor Multi-Use Development for Sale
Thriving Tampa office-retail-restaurant complex has over 90% occupancy
TAMPA (July 12, 2012) - Centro Ybor, a thriving office-retail-restaurant complex that is over 90 percent occupied, is for sale, Colliers International Tampa Bay has announced. Colliers launched a marketing campaign today for the 216,315-square-foot property, which has had success attracting tenants that fit Ybor City's vision of being a place where people can live, work and play.
The owner and seller, CMJ Centro Ybor, LLC, an affiliate of M & J Wilkow, Ltd. of Chicago, has brought a wide range of companies, stores and restaurants into the property since buying it in 2006. In June, Carne ChopHouse opened a 5,328-square-foot restaurant at Centro Ybor, while other stores and restaurants there such as Tampa Brewing Co. and Samurai Blue are posting solid sales performances.
This builds on more than a year of positive momentum for the complex. One of Centro Ybor's largest tenants, Fortune 300 transportation logistics provider C.H. Robinson, relocated its Tampa office there in September, bringing 73 employees and leasing 13,476 square feet of space. And as part of a growing trend of companies choosing Ybor City for their operations, creative agencies Chappell Roberts, Tampa Digital Studios and Grafx also have offices in Centro Ybor.
M & J Wilkow had a specific plan in mind when it bought the property: Add more office space to the mix, while also focusing on upgrading the quality of the tenants, and focusing on stores and restaurants with the marketing and staying power to succeed.
"The strategy has paid off, and with the retail real estate market improving, it's an opportune time to sell the property," said David Harvey, Senior VP of Sales and Acquisitions for M & J Wilkow. "Centro Ybor is well-positioned for continued success."
The sale of the property at 1600 E. Seventh Avenue, which also includes a 20-screen Muvico movie theater, is being handled by Michael Milano, CCIM, a managing director for Colliers International Tampa Bay. Rather than advertise a listing price, Colliers and the owner will have a bid process, which will in itself determine the best price for the property.
"We expect to have a significant amount of interest in the Centro Ybor property," said Milano, a veteran retail specialist who also handled the sale of the high-profile BayWalk retail complex in downtown St. Petersburg last fall. "In determining the value of a mixed-use complex like this one, a key is the tenant mix, and Centro Ybor has a very appealing roster of companies, stores and restaurants, along with a prime location and consistent customer traffic."
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.