OLDSMAR, FL-Looking for a property that could be improved and sold later at a premium price, Atlanta-based Carter Real Estate Fund and New York-based Morgan Stanley Real Estate's Prime Property Fund jointly purchased the 300,000-sf Woodlands Square shopping center at 3130-3150 Tampa Road in this Tampa suburb.

Orlando-based Florida Commercial Communities Ltd. received $39 million, or about $130 per sf, for the 97%-leased property. Florida Commercial had owned the property for 10 years. The center is anchored by an AMC movie theater, Bealls Department Store, Ruby Tuesday's and a Kash n' Karry grocery. The average asking base rent range is "in the high teens," Jim Shelton, Carter's executive vice president, tells GlobeSt.com.

Shelton calls the deal "a major opportunity for the Carter Fund and Prime, not only because this property is 97% occupied and is in a great location with strong demographics, but also because we know that through the Carter and Prime partnership we can create additional value for the property."

Shelton would not confirm what percentage of ownership each partner has in the property but says Carter will manage the center. As the manager, Carter, like other property managers, will generate management fees for the fund, area brokers not associated with the deal tell GlobeSt.com.

"With real properties being so aggressively pursued by investors in today's market, we are pleased to find an opportunity with real upside potential," says Hugh McWhinnie, executive director, Morgan Stanley Real Estate.

The transaction took 2.5 months to complete, from contract signing to closing. The property was "technically not on the market," says Carter's Shelton. He would not disclose how many other buyers were bidding for the property.