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Bruce H. Qvale Acquires Retail Property In Westshore, Tampa For $44.5M

Property Image
SOLD
$44,511,288
Don LeBuhn
Greg Matus
Adam Tiktin
+ 1

Florida

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Retail67,019 SF
Sold 04/20/2022
the dealplayerscompscontact
Property Image
SOLD

Bruce H. Qvale Acquires Retail Property In Westshore, Tampa For $44.5M

4720 West Spruce Street, Tampa, Florida 33607, United States

See Similar Deals
Retail67,019 SF
Sold 04/20/2022
Don LeBuhn
Greg Matus
Adam Tiktin
+ 1
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$664
Total Square Footage:67,019 SF
Transaction Type:Sale

A retail property located at 4720 W Spruce St in Westshore, Tampa, has been sold in a recent transaction. The property spans 67,019 square feet and was sold at a price of $44,511,288, resulting in a price per square foot of $664. The sale took place on April 20, 2022.

Summary of transaction details

  • Property Type: Retail
  • Sale Price: $44,511,288
  • Square Footage: 67,019
  • Price per Square Foot: $664
  • Address: 4720 W Spruce St, Westshore, Tampa
  • Market: Westshore, Tampa

The buyer of the property is Bruce H. Qvale, while the seller is Saber Real Estate Advisors and ARC Trust, represented by Michael Klinger. The buyer was represented by Don LeBuhn from Cushman & Wakefield, while Greg Matus and Adam J. Tiktin from Franklin Street represented the seller.

Players

Adam Tiktin
Franklin Street
Adam Tiktin
20 deals$261.4M volume
BROKER
Greg Matus
Franklin Street
Greg Matus
39 deals$386.5M volume
BROKER
Don LeBuhn
Cushman & Wakefield
Don LeBuhn
2 deals$89M volume
BROKER
BQ
Bruce Qvale
2 deals$50.5M volume
BUYER
Saber Real Estate Advisors
Saber Real Estate Advisors
SELLER
AT
ARC Trust
SELLER

Details

SOLD
IMAGE: Adam J. Tiktin, Michael Klinger & Greg Matus DATE: 04/20/2022 ADDRESS: 4720 W Spruce St MARKET: Westshore, Tampa ASSET TYPE: Retail BUYER: Bruce H. Qvale SELLER: Saber Real Estate Advisors & ARC Trust - Michael Klinger BUYER'S REP: Don LeBuhn (@DLebuhn) - Cushman & Wakefield (@CushWake) SELLER'S REP: Greg Matus & Adam J. Tiktin - Franklin Street (@FranklinStreet.CRE) SALE PRICE: $44,511,288 SF: 67,019 ~ PPSF: $664

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,373,935.36

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$158,139.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$211,006.21
Annual Debt Service$2,532,074.56