10-Year Old Shopping Center on Sale for $8 Million

March 16, 2011 / Elizabeth Buckley, Commercial Property Analyst

A shopping center in Tampa Bay area is now recently listed on the real estate market for — for sale, with $8 million asking price. Baywalk, the shopping center located at St. Petersburg, is not previously listed in the market, but potential buyers are seriously expressing their interest on the retail property, according to Colliers International Tampa Bay, a commercial real estate firm, is now marketing and seeking buyers for the commercial real estate property.

10-Year Old Shopping Center on Sale for $8 Million

In Ohio, in line with selling shopping centers and retail properties, Cooper Commercial Investment Group, a Cleveland- based a real estate company specializing in brokering the sale of commercial real estates, has recently sold a shopping complex in Strongsville for about $1.65 million.

The 74,500 square feet shopping center, Baywalk complex, was completes and opened in 2000, with about 40 retail businesses, but today, the once full-of-life mall only has 6 remaining retailers in its vicinity, including a movie theater.

According to the managing director at Colliers International Tampa Bay, who began marketing the shopping center Wednesday, the owner — CW Capital Asset Management, decides recently that it is the right time to sell the commercial property.

One interested potential buyers, whose offer was turned down by the owner before, said that they are still willing to buy Baywalk shopping center — but not at the asking price, citing about the retail property’s potential risks.

Other potential investors also said that the shopping center is overpriced at $107 a square foot, and predicts that the property will sell, but lesser than the asking price.

Colliers International’s role is to secure potential buyers, while Ciminelli Real Estate Services, the shopping center’s manager, will continue to secure retail businesses as tenants.

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