Palms of Carrollwood sells for $31.12M

A Smyrna, Ga.-based company that was at one time the Atlanta area's largest gasoline station owner and fuel seller has purchased the Palms of Carrollwood shopping center north of Tampa for $31.12 million, records show.

Wallace Enterprises Inc., the new owner of the 168,887-square-foot retail center, has been working in recent years to diversify both geographically and by asset class, according to reports. The privately held firm today focuses on acquiring and developing retail centers.

The Palms at Carrollwood is anchored by The Fresh Market, Bed Bath & Beyond, Petco and Sam Ash Music. In all, the property is more than 91% leased.

Commercial brokerage firm Holliday Fenoglio Fowler LP Senior Managing Director Brad Peterson and associate director Whitaker Leonhardt represented seller Weingarten Realty Investors in the sale.

Weingarten, a Houston-based real estate investment trust that owns more than 45 million square feet of retail space, purchased the 13147 N. Dale Mabry Highway center for $22.5 million in December 2010, according to Hillsborough County property records.

“There is a great investment appetite for well-located shopping centers in infill markets throughout the Southeast U.S., and the sale of the Palms of Carrollwood further supports that message,” says Leonhardt.