By Madalyn Blair – Reporter, Tampa Bay Business Journal

 

Westwood Center was sold to a partnership of Tampa investors who plan to rebrand the property.

Clover Investment Properties bought the 130,487-square-foot Westshore office building at 2002 N. Lois Ave. in a partnership with Tampa developer Carl Lindell's Lindell Investments Inc. The purchase price was $13.3 million, according to a deed filed with the county.

The building was last sold in 2016 to Boca Raton-based IP Capital Partners for $12.6 million, according to property records.

The joint venture will reposition and rebrand the eight-story office building as Lois + Spruce to reflect its location near the intersection of North Lois Avenue and West Spruce Street.
 

This acquisition marks the latest collaboration between Clover and Lindell Investments, which have partnered on four deals in the Westshore area. The partnership has also invested in the prior Fifth Third Bank Westshore building at 4427 W. Kennedy Blvd. Clover repositioned the former ground-floor bank branch into a Dunkin', and similar strategies will be explored at Lois + Spruce.

“This is our fourth deal in the Westshore area, and we continue to believe deeply in this submarket’s trajectory, energy and long‑term fundamentals,” Lyle Fogarty, founder and managing partner of Clover Investment Properties, said. “Lois + Spruce sits at the center of it all, and we’re excited to bring a fresh identity and renewed purpose to a building with incredible potential.”

The acquisition was financed by Bill Williams with INB, and the seller was represented by Dale Peterson and Joe Chick of Foundry Commercial.

Clover was founded in 2018 by Fogarty, a Tampa real estate veteran. Since its founding, it has directed the acquisition, repositioning and development of more than a dozen properties totaling almost $200 million in value, spanning office, industrial, retail and medical uses across Florida and the Southeast.

“I’ve been investing along this corridor for more than 50 years, and I’ve never seen Westshore evolve as quickly or as impressively as it is today. The growth is accelerating, the energy is undeniable, and Lois + Spruce is positioned right in the middle of it," Lindell said.