Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
Issue link: http://shoppingcenterbusiness.epubxp.com/i/710880
FLORIDA 72 • SHOPPING CENTER BUSINESS • August 2016 Shops at Wiregrass, an outdoor mall built in 2008. "These new additions, situated near I-75, are effectively creating an additional trade area for restaurants and retailers, shifting much of the retail activity to the west," says Tyler Peterson, senior associ- ate of retail services with Colliers Inter- national Tampa Bay. LongHorn Steak- house, BJ's Restaurant and Brewhouse, Chick-fil-A, Cheddar's Scratch Kitchen and Culver's Restaurant are opening new restaurants in that pocket. Seminole City Center is an 85,000-square-foot redevelopment of an infill site located in southwest Pinellas County. According to Bern, plans call for a movie theater, organic grocer, restau- rants and big-box stores. The project is a welcome addition to the trade area, ac- cording to Peterson. "Seminole City Center is servicing a market that has not been serviced by qual- ity retail in decades, and will now add an- other opportunity for retailers and restau- rants," says Peterson. "Until now, they were limited to Tyrone Square Mall in St. Petersburg, The Shoppes at Park Place in Pinellas Park and Largo Mall in Largo. Many retailers and restaurants have had voids in this market so the redevelopment of the mall will help fill tenant demand." In addition to these projects, a 54,000-square-foot Publix-anchored de- velopment was delivered at 3838 Britton Plaza in Tampa, and Sembler delivered a new Publix store within Shoppes at Trin- ity Lakes in Odessa, Florida. Another 30,000-square-foot Publix is set to deliver in the fourth quarter at 700 Central Ave. in St. Petersburg, and two other Publix stores are set to deliver in 2016, one in Rivercrest Commons in Riverview and another in South Shore Village in Ruskin. The Lakeland, Florida-based grocer is doing more than just expanding its footprint in the Tampa Bay area. Publix Super Markets continues to actively pur- chase Publix-anchored centers, especially in Florida. "The largest single buyer of shopping centers in Florida is probably Publix Super Markets," says Bern. Publix Super Markets recently purchased the 162,996-square- foot Bayshore Gardens in Bradenton from Kimco Realty. Plaza Advisors bro- kered the transaction. "Publix is investing in its own centers and it's scooping them up at an incredibly fast pace," adds Berns. Recent deliveries in the metro Tampa area are skewed toward single-tenant retail, according to CoStar Group. Sin- gle-tenant retail accounts for 64 percent of deliveries year-to-date. Single-tenant, triple-net leased retail remains an attrac- tive asset class for investors, especially those outparceled at successful shopping centers. "There's high competition for de- veloped outparcels, the owners or de- velopers that can secure ground leases are achieving surprisingly low cap rates when selling," says Ken Stephens, man- aging principal of Corporate Property Dispositions. On the horizon, the biggest develop-