The Shopping Center Group, one of the largest, privately owned, retail real estate advisory firms in the United States with offices coast-to-coast, facilitated the sale of a 171,500-square-foot retail center in Lakeland, Fla. Fully-leased, North Lakeland Plaza sold on September 23 to Retail Centers of America as advised by Lincoln Property Company. The seller is Michigan-based Agree Realty, a publicly-traded real estate investment trust. No additional terms are disclosed.
“This property received very strong interest due to its ideal location across from the major mall in Lakeland,” explains Anthony Blanco, director of investment sales, The Shopping Center Group. “This regional power center is situated within a community where consumers drive up to 20 minutes for amenities such as those that are offered at this center as well as those at Lakeland Square Mall – the only enclosed mall in Lakeland and the only one situated immediately off Interstate 4 between Tampa and Orlando. Historically, retail properties have performed very well in this regional retail node.”
Built in 1987, North Lakeland Plaza is anchored by Best Buy, Jo-Ann Fabric and Craft Stores and Bealls, stores that have operated at the center for more than a decade. Other national tenants include CitiFinancial, Sally Beauty Supply and Fantastic Sams. The nine-acre site at the intersection of US Highway 98 and Wedgewood Estate Boulevard will soon feature a Starbucks on an outparcel along Highway 98. This popular national coffee purveyor is expected to drive additional customer traffic, according to Blanco. Beef O’Brady’s, MidFlorida Bank and Taco Bell also operate at the property but were not included in the sale.
North Lakeland Plaza is situated along a popular retail corridor that carries approximately 52,500 vehicles daily. Neighboring power centers feature well known retailhousehold names including Target, Dick’s Sporting Goods, Ross Dress for Less, Staples, Old Navy and others, which combined with the Plaza’s anchors draw froman extensive trade area that serves most of the Lakeland area.Within a 20-minute drive time, there is a population of almost 263,000 residents with an average household income ofnearly $55,000.
The Shopping Center Group’s team of Blanco, Lenard Williams and Mallory Ham marketed the property. According to Blanco, “A nearby retail development anchored by Ross Dress for Less and Dick’s Sporting Goods was just completed, demonstrating that there is demand for additional anchor space in the market.”
The Shopping Center Group represents institutional and private owners of retail real estate throughout the eastern United States and Southern California in their efforts to maximize the return on investment from the sale of their property utilizing a comprehensive sales effort.
About The Shopping Center Group
Founded in 1984, The Shopping Center Group, with 22 offices covering 16 states, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm delivers “best in class” service in tenant representation and surplus disposition, project leasing, property management and construction supervision, investment advisory services, capital markets and location analytics to retailers, landlords, developers, investors and financial institutions throughout the Eastern United States and California. In 2014, The Shopping Center Group facilitated over 1,500 transactions totaling nearly $2 billion. The firm’s third-party portfolio includes exclusive leasing assignments for over 800 retail centers totaling 55 million square feet and management agreements for over 11 million square feet of retail property. The firm also represents over 400 national and regional retailer and restaurant operators. For more information, visit www.theshoppingcentergroup.com.
Posted in Commercial Real Estate