Lakeside Village. Picture courtesy of Continental Realty Corp.
Continental Realty Corp. has bought Lakeside Village, a 460,000-square-foot super-regional retail middle in Lakeland, Fla. CASTO offered the asset for $78 million, in accordance with CommercialEdge information. JLL’s Danny Finkle and Eric Williams brokered the off-market deal on behalf of the vendor.
CRC purchased the life-style middle on behalf of Continental Realty Opportunistic Retail Fund I LP, a close-ended fund centered on neighborhood, grocery-anchored, way of life and energy facilities. Since its creation, the agency bought 10 retail properties comprising almost 2.4 million sq. ft and deployed almost $150 million of fairness.
The acquisition of Lakeside Village introduced CRC’s Florida retail portfolio to 17 properties totaling almost 2 million sq. ft.
A brilliant-regional retail middle
Accomplished in 2005, the retail middle encompasses 20 buildings on an 88-acre web site. The property additionally options roughly 46,000 sq. ft of Class A workplace house. The brand new proprietor plans to take a position $3 million in renovations, offering upgrades to buying middle’s roof, exterior paint and revitalizing the business workplace house.
Anchored by Belk, Cobb Theatre, Books-A-Million and shadow-anchored by Kohl’s, the open-air middle has greater than 70 nationwide and native tenants. Lakeside Village was 91 p.c leased on the time of sale. The roster contains Burger 21, Chico’s, Fish Metropolis Grill, Ideally suited Picture, Pearle Imaginative and prescient, Saigon Bistro, Starbucks Espresso, Versona and Victoria’s Secret.
Situated at 1479 City Middle Drive, the retail middle is correct off Polk Freeway, which supplies direct entry to Interstate 4. The property is in an space with many residential properties and greater than 900 multifamily items deliberate for growth on an adjoining property.
The retail middle is 3 miles from Lakeland Linder Worldwide Airport, 33 miles from Tampa, Fla., and 60 miles from Orlando, Fla. Greater than 5.5 million individuals go to the realm yearly.
