Boston's WS Development buys Hyde Park Village

BUYER: WS/CIP II Tampa Owner LLC (WS Tampa Properties LLC), Chestnut Hill, Mass.
SELLER: MW Hyde Park LLC
PROPERTY: 702 and 800 S. Village Circle, 1601 and 1602 Snow Ave. and 1509, 1510, 1601 and 1660 W. Swann Ave., Tampa
PRICE: $45 million
PREVIOUS PRICE: $31.08 million, April 2005
LAW FIRM ON DEED: Sullivan & Cromwell LLP, New York City

PLANS, DESCRIPTION: WS Development purchased the 266,000-square-foot Hyde Park Village for $45 million.

The price equated to $169 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The historic retail development has grown up along five city blocks covering 10.5 acres in the heart of Hyde Park's historic district. The village features a number of unique national, regional and local retailers, including Pottery Barn, Pottery Barn Kids, Anthropologie, Brooks Brothers, Lululemon Athletica and West Elm. It also features the upscale cinema, Cinebistro.

The property is 81% occupied. However, Louis Masiello, vice president of development for WS Development, says the new owner views that 19% vacancy as an opportunity to find the right tenants as part of its overall plans to improve the property.

“We didn't go into this with a plan to move to Tampa Bay,” Masiello says. “It was the property that really spoke to us. It was its special attributes that made us decide to invest in it.”

The company plans to meet with the neighborhoods and the city over the next few months on the vision for changes to the development. WS Development expects to submit official development filings by the end of the year or beginning of 2014.

Chestnut Hill, Mass.-based WS Development is one of the largest private retail development firms in the country. Its portfolio covers more than 85 properties totaling more than 20 million square feet.