A press release issued by Colliers International, the company that will now work to sell the 216,315-square-foot property, states that 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 company purchased Centro Ybor back in December of 2006.
Among the top properties inside the complex include the Tampa Bay Brewing Company, the sushi restaurant Samurai Blue, and the 20-screen Muvico movie theater.
The newest addition to the complex was the April opening of Carne ChopHouse on 7th Avenue, which had been vacant for several months.
Centro Ybor has always been considered a financial loser for the city of Tampa since its opening in 2000.
The city had to pay a $9 million loan guarantee because the original developer was unable to make payments, and it continues to pay $750,000 in debt service (Correction: now approximately $600,000).
In April M&J Wilkow put out a bid to buy the retail and entertainment Channelside complex.
Michael Milano, CCIM, a managing director for Colliers International Tampa Bay, will handle the sale of the complex. 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.”