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Largo Leader
Largo shopping center sells
Article published on Wednesday, Dec. 19, 2012
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Photo courtesy of COSTAR
The Champions Center, at 3690 East Bay Drive, features an Outback Steakhouse, the fifth ever built. The center recently sold for $2.65 million.
LARGO – The Champions Center, a 37,574-square-foot shopping center at 3690 East Bay Drive that has been in foreclosure, recently sold for $2.65 million.

The sale was finalized Nov. 15. The buyers, the Cantor Spellman Family Partnership, gain a property first built in 1986 that features the fifth Outback Steakhouse in the nation, built in 1989. Colliers International represented the seller, LNR Partners.

The center, which includes retail and office space, was 66 percent occupied at the time of the sale. The owners are in negotiations with new tenants, but are working to improve the center first and foremost, said Ron Scultz, director of retail investment services for Colliers International Tampa Bay.

“The first thing was to take care of maintenance issues. They’re highly engaged in that,” he said.

Potential changes include cosmetic improvements, including the color scheme of the buildings, and the name of the center, he said. The owners also wish to improve the parking lot, increasing its current grade for level of service from a C to an A.

The former owners deferred maintenance issues while going through the foreclosure process over the past year, Schulz said. The owners are working to reverse that trend.

The brokers used Auction.com and their local connections to foster the eventual deal.

“We’re local to the product, leasing and managing centers in the area,” Schulz explained.

Members of the local Colliers team – specifically Ben McLeish, director of retail services, and Marissa Conrad, assistant property manager – will be handling the leasing and management of the center.

“Our team has an intimate knowledge of the property as well as the submarket,” Milano said. “This allowed us to demonstrate how the property can have significant long-term value through leasing up of the vacant space.”

Other than the Outback restaurant, current tenants include Kut Doctors, Color Pages, Miracle Ear, Vitamin Outlet, Select Staffing, Next Step Rehab, Allstate and West Shore Pizza.
Article published on Wednesday, Dec. 19, 2012
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