Pinellas County retail plaza bought by Ohio investor

Washington Square, a Pinellas County shopping center with an outparcel, has sold.

The 26,717-square-foot retail plaza at 3970 Tampa Road in Oldsmar was bought by Last Mile Investments from Cincinnati. The investment firm paid $8.35 million for both the center and the parcel in an off-market sale.

County property records show that the seller was a Largo LLC that bought it in 1992.

Market Square, which is fully occupied, is located next to an 8-acre parcel owned by the city of Oldsmar that is being redeveloped to include apartments and retail.

LQ Commercial Group’s Mark Shellabarger, who brokered the deal, says Last Mile is planning a façade renovation to modernize the property.

Last Mile, according to its website, has made more than $7 billion in investments. Its portfolio includes more than 19,000 residential units and 22 million square feet of commercial space across 15 states.

Shellabarger says the firm is just one of about a half dozen investors in the nation focused on non-anchor shopping centers in affluent areas similar to Market Square.