TAMPA, FL-BayWalk, a struggling, yet high-profile retail complex in St. Petersburg, has traded to a well-known Tampa Bay business leader. Entrepreneur Bill Edwards, who has a track record of turning around retail assets via entertainment focuses, acquired the 74,500-square-foot property for an undisclosed amount.
Michael Milano, a managing director for Colliers International Tampa Bay, brokered the deal. Milano started marketing the property in March, working with the seller to evaluate 20 offers from US investors.
“The sale to a highly regarded local entertainment entrepreneur, Bill Edwards, fits nicely into what has been a surge of retail activity in downtown St. Petersburg, where restaurants, stores and nightclubs have opened and are thriving all around the BayWalk location, in particular along Beach Drive and Central Avenue,” Milano tells GlobeSt.com. “The key to this area is its walkability and its wide variety of locally owned establishments. Like the Las Olas Boulevard district in Fort Lauderdale, it has become a destination for people throughout its surrounding metro area.”
Edwards’ typical turnaround strategy is to drive revenue growth by attracting patrons with quality entertainment options. Edwards’ team transformed The Club at Treasure Island, for example, by adding executive-level concierge services, island-inspired amenities, concerts and special events. The Club at Treasure Island was recently named Tampa Bay’s “Best Private Club” by Tampa Bay Magazine.
Still, there are challenges in the Tampa Bay area’s retail real estate market. Like elsewhere in Florida, the biggest issue facing retail in the Tampa Bay area is a lack of consumer demand, tied to the state’s high unemployment and difficult economy, Milano says. But he quickly adds that retailers in class A locations are still doing well.
“In response to this tough environment, we are seeing many retailers looking to do more in smaller spaces,” Milano says. “As one example, Best Buy is bringing its Best Buy Mobile concept into the area--small stores that focus on sales of smart phones and tablets. We expect the retail outlook to continue to be difficult going into 2012, but with opportunities for retailers who tap into niches that still have healthy demand.”
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