An eight story office building in the heart of Westshore just changed hands for $13.3 million, and its new Tampa owners are already plotting a major refresh. Local investors have purchased Westwood Center and say they plan to rebrand the property and pour new capital into upgrades aimed at drawing in additional tenants. The sale is the latest in a string of efforts to give older office buildings a second life in a market chasing higher occupancy.
As reported by Tampa Bay Business Journal, the buyers are Clover Investment Properties and Lindell Investments, two Tampa based firms that teamed up to acquire Westwood Center. The outlet notes that the partners intend to rebrand the roughly 130,000 square foot building and invest in renovations to lobbies, common areas and building systems. The report identifies the sale price at $13.3 million and characterizes the deal as a value add play in Westshore rather than a fully stabilized buy.
According to offering materials from Foundry Commercial, the property at 2002 North Lois Avenue totals about 130,487 square feet and includes an attached two story parking structure. Those materials say the building was roughly 76% leased and had about $5 million in recent capital improvements, including a modern lobby, elevator work and HVAC upgrades. The broker pitched Westwood Center as a boutique Westshore office asset with near term upside through lease up of the remaining vacant space.
Buyers and their track records
Clover Investment Properties is a Tampa based value add operator that has repositioned neighborhood retail and small office properties around the area, while Lindell Investments is the Lindell family office with a long running local real estate presence. The pairing combines Clover’s day to day operating and leasing experience with Lindell’s capital and market relationships, a common playbook for speeding up lease up at buildings that need some work. Both firms have concentrated on Tampa area deals in recent years, underscoring a distinctly local approach to reshaping Westshore office stock.
Market context
Using the reported price from Tampa Bay Business Journal and the building size listed by Foundry Commercial, the trade pencils out to roughly $102 per square foot. That figure lines up with a value add purchase that anticipates further capital investment and lease up, rather than the pricing typically attached to a fully leased trophy asset. Local brokers say buyers who can drive occupancy are positioned to capture the strongest returns as Westshore leasing continues to recover.
Publicly available materials do not spell out a detailed renovation timeline, but the buyers’ stated plan to rebrand and invest suggests upgrades to lobbies, signage and building systems will be near the top of the to do list in the months ahead. Tenants in Westshore can expect more leasing activity and some newly polished options as the owners begin marketing vacant suites. This story will be updated if the buyers or broker release additional specifics on the planned work.
