Birmingham investor Shannon Waltchack acquires another Tampa Bay-area shopping center
By Joshua Mann
Tampa Bay Business Journal
Published: Dec 13, 2021

Birmingham-based commercial real estate firm Shannon Waltchack has acquired a shopping center in Pinellas County.

The deal for Largo Town Square in Largo, was completed using Shannon Waltchack’s latest fund, SW Neighborhood Centers II, which launched in March.

Largo Town Square is 37,574 square feet with tenants including a local coffee shop, health care providers and other restaurants.

This is the company’s second acquisition in the region. No terms were disclosed.

“Tampa is a dynamic market. With the success of a previous acquisition in the area, we are excited to add a second Tampa-area property to our portfolio,” said Derek Waltchack, a partner at the firm.

Shannon Waltchack has already done four other deals under the new fund, and it has multiple others under contract right now. The team behind the company are also still looking for more opportunities, the company said.

Shannon Waltchack also still has room for additional investors to buy into the fund.

Part of the goal for the new fund is to secure geographic diversity for the Birmingham-based company. That’s part of why the firm is extending its reach into high-growth markets like Florida, Waltchack said in an interview earlier this year with the Birmingham Business Journal.

“It’s a smart strategy to go where markets are really growing,” Waltchack said at the time.

The neighborhood shopping centers Shannon Waltchack is picking up in the new fund are a type of investment Waltchack said he thinks will continue to draw interest.

Once the capital is deployed, the firm can look to either market it to a larger investor that wants to aggregate several packages together for a large portfolio, or it could try to become an aggregator itself. If the company does become an aggregator, it would represent an advancement into a larger tier of scale, Waltchack said.