Alabama firm buys Largo Town Square for over $8M
By Breanne Williams
Tampa Bay Business Journal
Published: Dec 22, 2021

Largo Town Square has been sold for $8.35 million to a private equity fund sponsored by Birmingham, Alabama-based real estate firm Shannon Waltchack.

Mark Shellabarger and Ari Ravi of CBRE Group Inc. represented the seller, a private investor affiliated with Cantor Funds, headquartered in St. Petersburg, according to the deed. The 37,574-square-foot retail center at 3690 East Bay Drive was 91% leased at the time of the sale, with 14 tenants ranging from medical companies to the food and service industries, including Outback Steakhouse.

“The buyer was attracted to Largo Town Square because of the stable cash flow from a diverse long-term tenant roster, the upside potential in leasing the vacant space and robust traffic counts,” Shellabarger said in a news release. “The Outback Steakhouse has been operating there for 33 years, since the center was built, and is a good performer.”

Shannon Waltchack also owns Brandon Lakes Plaza, a 34,082-square-foot plaza in Brandon, and Lakeland Square, an 11,570-square-foot plaza off Highway 98.

“We executed a fast-marketing process to accomplish a year-end closing, which yielded multiple offers and a successful transaction,” Ravi said in a release. “The investor market continues to be very active for stabilized, well-located assets within the Tampa MSA.”