Florida’s Retail Market Continues Growth

TAMPA, FLORIDA:  There's no shortage of shopping options in Tampa Bay, from new entertainment complexes and mega malls to quaint shopping villages and factory outlets.  It seems that the Tampa retail market has not been affected by the recent slowdown in the economy; tenants continue to flock to the well-established shopping areas of Tampa Bay. 

The Divaris-leased and managed Tampa Festival Centre is no exception.  Over the past year, Angela Paxton, retail leasing agent in Divaris Real Estate’s Tampa office, represented Tampa Festival Centre’s landlord, Urban America, LP, in lease negotiations for over 12,000 square feet of retail space.  New tenants include:  One Price Clothing, Norstan Apparel Shops, Inc. and Safaa Saleh. 

Located at 2525 East Hillsborough Avenue, Tampa Festival Centre has a total of 131,728 square feet of retail space.  Currently occupied by Winn-Dixie, Citi Trends, City Nails, Essence Hair, Family Dollar, Fashion Cents, G.Q. Fashions, H&R Block, Lee’s Jewelry, Rent-A-Center, Sports Line and Radio Shack, this neighborhood shopping center is the place to find bargain prices from a wide-array of tenants. 

One Price Clothing is a national chain of retail specialty stores offering first quality, contemporary, in-season apparel and accessories for women, men and children.  Headquartered in Duncan, South Carolina, One Price Clothing signed a lease for 5,800 square feet of retail space in Tampa Festival Centre to sell its overwhelming array of items for $8 or less.  Since 1984, One Price Clothing has grown to over 640 locations in 30 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico.  Today, One Price Clothing Stores operates under the names of One Price & More, BestPrice! Fashions, and BestPrice!Kids.

Another new tenant to Tampa Festival Centre is Norstan Apparel Shops, Inc., which trades as Fashion Cents at 240 locations throughout the country.  Norstan signed a lease within the center for 3,650 square feet of retail space.  Norstan appeals to the Florida market with its budget prices on ladies apparel.  The company plans to open 50 additional sites in 2003; one of those has already been completed by Phillip Shumny, director of leasing in DRE’s Atlanta office.  Shumny represented both the landlord, Aegis Realty Operating Partnership, LP, and the tenant, Norstan Apparel Shops, in lease negotiations for 3,200 square feet of retail space in Governors Square Shopping Center, located at 3500 Eastern Boulevard in Montgomery, Alabama. 

A third tenant, Safaa Saleh, a men’s clothing store, signed on with Tampa Festival Centre for 2,800 square feet of retail space.  DRE’s Paxton represented both the landlord and Safaa Saleh in the lease negotiations. 

Another thriving shopping center in Florida is the Divaris-leased and managed Royal Oaks Shopping Center, located on 14.1 acres at the northwest quadrant of the intersection of Palmetto Expressway and Miami Lakes Drive in Miami Lakes.   Built in 1987, Royal Oaks Shopping Center consists of 165,358 square feet of space and is anchored by Winn-Dixie.  DRE’s Angela Paxton represented the landlord, Harbor Group, in three lease negotiations; one with Florida Communications, Inc. for 1,079 square feet of retail space, one with Collins’ Gift Shop for 1,400 square feet of retail space, and another with Amoroso Cabinetry, Inc. for 1,100 square feet of retail space.  Other tenants in Royal Oaks include Dollar General, Pinch A Penny and Pizza Hut. 

Stanton Englander, leasing associate for DRE’s Tampa office, recalls the growth of Florida’s retail market in 2002.  Englander represented Starbucks Coffee Company in the leasing of 1,500 square feet located at 33830 U.S. Highway 19 in Palm Harbor, and in the leasing of 1,653 square feet of retail space in Sarasota’s, Market Place Shopping Center. 

Starbucks wasn’t the only tenant looking towards the Florida market for a growth opportunity.  ALLTEL Wireless Holdings, LLC signed two leases in the Tampa area.  DRE represented ALLTEL Wireless in the signing of a lease for 1,500 square feet of retail space in Inverness, Florida’s Citrus Center, and in the lease negotiations for 1,680 square feet in Plant City Crossing, located on the southwest corner of the intersection of Interstate 4 and Thonotosassa Road in Plant City.