Owners Put Centro Ybor Up For Sale
The highly successful Centro Ybor property on East 7th Avenue is now up for sale by its owners.
Ybor City's landmark office-retail-restaurant complex, Centro Ybor, is now on the market after an announcement last week by its owners, Colliers International Tampa Bay.
Colliers launched a marketing campaign last week 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 host 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 long time tenants such as Tampa Brewing Co. and Samurai Blue are posting solid sales performances.
Some non-retail businesses have even made Centro their home. One of its 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. Creative agencies Chappell Roberts, Tampa Digital Studios and Grafx also have offices in Centro Ybor.
M & J Wilkow's plan of adding more office space to the mix, upgrading the quality of the tenants and focusing on stores and restaurants with the marketing and staying power to succeed seems to have worked.
“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 property also includes the 20-screen Muvico movie theater. The sale is being handled by Michael Milano, 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,” Milano, a veteran retail specialist who also handled the sale of the high-profile BayWalk retail complex in downtown St. Petersburg last fall, said. “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.”