Saber Real Estate Advisor, ARC developing Westshore/Spruce corner

BUYER: Saber Corner II LLC (principals: Martin Berger and Michael Klinger), Armonk, N.Y.
SELLER: Valjim Inc.
PROPERTY: 1810 N. Westshore Blvd. and vacant commercial land, north of West Laurel Street and west of North Westshore Boulevard, Tampa
PRICE: $4.82 million
PREVIOUS PRICE: $1.15 million, April 1999 and $300,000, July 2007
LAW FIRM ON DEED: Mateer &Harbert PA, Orlando

PLANS, DESCRIPTION: Saber Corner II LLC a partnership of Armonk, N.Y.-based Saber Real Estate Advisor and Clifton, N.J.-based real estate investment trust ARC Properties Trust, purchased the 3.4-acre former Payless Car Rental property for $4.82 million.

The price equated to $1.42 million per acre. That figure is higher than the two-year average price per acre for retail space ($893,571) in the Tampa Bay area, according to the CoStar Group.

The partnership has demolished the Payless building and general contractor Fritz Diaz Isabel Inc. is building a 10,500-square-foot retail building. Pei Wei Asian Diner, AT&T and Gym Source have already committed to lease the building.

In addition, Saber Corner II LLC will offer ground leases for two restaurant buildings: a 9,100-square-foot Olive Garden and 6,900-square-foot Longhorn Steakhouse.

“We developed the first phase with Container Store, Sleep Number and Lime Fresh [Mexican Grill] and always wanted to buy the adjacent piece,” says Michael Klinger, managing principal of Saber Real Estate Advisors LLC. “We feel this is one of the most premier corners in all of Tampa. We're already over subscribed there.”

The main retail building is scheduled for completion in the fourth quarter.