TSCG, one of the largest privately owned retail-focused real estate firms in the country, has completed the $12.7 million sale of Buccaneer Square, a 103,813-square-foot shopping center at West Hillsborough Avenue and Memorial Highway in Tampa.
Retail traffic drives value
The deal shows strong demand for grocery-anchored retail centers in Florida and confidence in Tampa’s steady retail market.
The property draws more than 2 million visitors a year and was 91% leased at the time of sale.
Built in 1970 and renovated in 2000, Buccaneer Square includes national tenants such as Aldi, Harbor Freight Tools, Boot Barn and Five Below. Outparcels with CVS Pharmacy and Chick-fil-A were not part of the sale.
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Team behind the deal
The investment sales team at TSCG was led by Anthony Blanco, partner and senior managing director. His group represented a private partnership that sold the property to a private, out-of-state buyer. Blanco said the center’s location, strong tenants and steady customer traffic made it a popular listing.
“Buccaneer Square is a busy retail center on Hillsborough Avenue that serves a large, dense trade area and receives over 2 million visitors every year,” Blanco said. “Those factors led to several offers and a very competitive marketing process.”
The sales team also included Mallory Silva, marketing coordinator, and Serge Du Lau D’Allemans, financial analyst. Blanco added that grocery-anchored shopping centers in Florida continue to attract attention from investors across the country.
“Centers like Buccaneer Square, which are well located and have solid tenants, continue to draw strong interest from both institutional and private investors,” he said.
Retail trends
The sale reflects a larger trend in retail real estate. Investors are favoring shopping centers that focus on daily needs, such as groceries and value retail, instead of lifestyle or luxury developments. These properties have proven more stable and better able to withstand shifts in the economy and online shopping.
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For Tampa investors, the deal highlights two key points: location still matters most, and a strong mix of tenants can help maintain long-term value.
Buccaneer Square’s lease improvements and rising traffic helped increase the property’s worth, showing how hands-on management can make a big difference in results.
About TSCG
Founded in 1984, TSCG works with property owners, developers and retailers throughout the eastern United States. The firm oversees leasing for more than 800 properties totaling over 60 million square feet and manages more than 14 million square feet of retail space. TSCG also represents more than 560 retailers and restaurants nationwide.
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