Outback anchored center sells for $8.35 million

LARGO —An Alabama private-equity firm has bought the Largo Town Square in Pinellas County.

The property, a 37,574-square-foot retail center on East Bay Drive, brought $8.35 million.

The center was 91% full when it sold with 14 tenants including Outback Steakhouse, Westshore Pizza and Advanced Dental Care. County property records show it sold on Dec. 3.

Mark Shellabarger of CBRE says in a statement announcing the sale that the center was attractive “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.”

The Outback Steakhouse has been in the center since it opened 33 years ago.