CBRE Has Arranged the Sale of Largo Town Square Retail Center

22 Dec 2021

Largo Town Square

CBRE has facilitated the $8.35 million sale of Largo Town Square, a 37,574-square-foot retail center at 3690 East Bay Drive in Largo, Fla. to a private equity fund sponsored by Shannon Waltchack, a full-service real estate firm based in Birmingham, Ala.

Mark Shellabarger and Ari Ravi of CBRE represented the seller, a private investor affiliated with Cantor Funds, headquartered in Saint Petersburg, Fla.

At the time of sale, Largo Town Square was 91 percent leased to 14 tenants in medical, food, and service industries, including an Outback Steakhouse, Advanced Dental Care, CSL Plasma, Physical Therapy Now and West Shore Pizza.

“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,” said Mr. Shellabarger. “The Outback Steakhouse has been operating there for 33 years, since the center was built, and is a good performer.”

“We executed a fast-marketing process to accomplish a year-end closing, which yielded multiple offers and a successful transaction. The investor market continues to be very active for stabilized, well-located assets within the Tampa MSA,” added Mr. Ravi.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.