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Centro Ybor is being put up for sale | Business

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Centro Ybor is being put up for sale
Business, News
Centro Ybor is being put up for sale

Tampa, Florida -- The office, retail and restaurant complex Centro Ybor is being put up for sale. The complex, which opened in 2000 is being sold through a bid process.

You can read more about the sale is a release posted below:

Successful Centro Ybor Multi-Use Development for Sale

Thriving Tampa office-retail-restaurant complex has over 90% occupancy

Centro Ybor, a thriving office-retail-restaurant complex that is over 90 percent occupied, is for sale, Colliers International Tampa Bay has announced. Colliers launched a marketing campaign today for the 216,315-square-foot property, which has had success attracting tenants that fit Ybor City's vision of being a place where people can live, work and play.

The owner and seller, CMJ Centro Ybor, LLC, an affiliate of M & J Wilkow, Ltd. of Chicago, has brought a wide range of companies, stores and restaurants into the property since buying it in 2006. In June, Carne ChopHouse opened a 5,328-square-foot restaurant at Centro Ybor, while other stores and restaurants there such as Tampa Brewing Co. and Samurai Blue are posting solid sales performances.

This builds on more than a year of positive momentum for the complex. One of Centro Ybor's largest tenants, Fortune 300 transportation logistics provider C.H. Robinson, relocated its Tampa office there in September, bringing 73 employees and leasing 13,476 square feet of space. And as part of a growing trend of companies choosing Ybor City for their operations, creative agencies Chappell Roberts, Tampa Digital Studios and Grafx also have offices in Centro Ybor.

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 sale of the property at 1600 E. Seventh Avenue, which also includes a 20-screen Muvico movie theater, is being handled by Michael Milano, CCIM, a managing director for Colliers International Tampa Bay. 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."

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