Saber affiliate plans Container Store on Spruce

BUYER: Saber Corner LLC (Saber Real Estate Advisors LLC, Saber Tampa ARCT LLC and Saber Corner Equity LLC), Aventura

SELLER: DTG Operations Inc. formerly known as Dollar Rent A Car Systems Inc.

PROPERTY: 4720 Spruce St., Tampa

PRICE: $3.5 million

PREVIOUS PRICE: $2.5 million, July 1992

LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Tampa

PLANS, DESCRIPTION: Saber Corner LLC, an affiliate of Armonk, N.Y.-based Saber Real Estate Advisors LLC, purchased the 3.28-acre former Dollar Rent A Car site for $3.5 million.
The price equated to $1.07 million per acre.

Saber Corner plans to clear the site and develop a 35,000-square-foot retail development anchored by The Container Store. Along with the 25,050-square-foot main building, the project will include a 3,500-square-foot bank outparcel and a separate 6,000-square-foot building.

“This is the best corner in Tampa; its across from International Plaza,” says Michael Klinger, managing principal of Saber Real Estate Advisors LLC. “The Container Store follows Crate and Barrel, which is across the street. This will be a superior regional destination.”

Saber Real Estate Advisors is the sponsor and investment manager of the private equity fund Saber Real Estate Capital Partners I LLP.

The purchase entity Saber Corner LLC mortgaged the property to TD Bank NA for $9.2 million.