SkyPoint Retail – Tampa, FL

SkyPoint Retail – Tampa, FL

SkyPoint Retail – Tampa, FL
777 North Ashley Drive
Tampa, FL 33602

$2,717,250

Cap Rate 7.55%
Gross Leasable Area (GLA) 9,907 Sq.Ft.
Price Per Square Foot (GLA) $274
Year Built 2007
Lot Size N/A
  • Residential Population in Downtown Tampa is Expected to Double Within the Next Five Years
  •  Prime Location on the Two Most Trafficked Streets in Downtown Tampa - Ashley Drive and Tampa Street
  • Annual Rent Increases
  • Across the Street from Curtis Hixon Park and Straz Performing Arts Center
  • Minimal Landlord Responsibility
  • No State Income Tax
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: SkyPoint Retail – Tampa, FL (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap is pleased to offer for sale, five ground floor retail units totaling 9,907 square feet and located at the most exclusive residential high-rise in downtown Tampa, Florida – known as Skypoint. Skypoint is a 33-story residential tower built in 2007 which houses 380 residential condos; often selling for the highest price per foot in the region.

Skypoint is conveniently located across from Curtis Hixon Park and the Stratz Performing Arts Center. With over 1,000 events and performances per year at these two venues and audiences of over 2,000 per event, Skypoint provides significant foot traffic and a regular customer base, allowing these retail tenants to thrive every night of the week.

Within the next five years, two additional residential towers will be constructed within two blocks of Skypoint, effectively doubling the residential population base within this dense cityscape to keep up with existing demand. The addition of these towers is expected to add to the already well diversified affluent population in downtown Tampa, increasing the demand for prime retail space.

In addition to the residential population in downtown Tampa, it is also home to the largest business and financial district in Tampa Bay with a major presence of Fortune 500 companies, including Bank of America, PNC, Wells Fargo, and Verizon. Within walking distance is the Tampa Convention Center, Amelia Arena (home to the NHL’s Tampa Bay Lightening and the AFL’s Tampa Bay Storm), Tampa Port (the largest port in the state of Florida), and Channelside (home to a millennial population of more than 5,000 residents).

Priced at just under $275 per square foot, this offering provides a unique opportunity for an investor to acquire an irreplaceable asset in the center of downtown Tampa, at a price per square foot below the cost of residential units in the same building. With rental rates in Tampa Bay on the rise and planned development in the pipeline, a new owner will be able to take advantage of substantial appreciation within a short hold period.

For More Information, Please Contact:

Armando Rodriguez

Associate
813-387-4806
armando.rodriguez@marcusmillichap.com