Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team has arranged the sale of Lakeland Town Center, a 282,949-square-foot shopping center at 917 E. Memorial Blvd. Transwestern Senior Managing Director John Bell and Managing Director Fred Victor brokered the $10.5 million sale to a private equity firm on behalf of the undisclosed seller.
“Lakeland Town Center’s location in a high-profile, tight retail market allows the new owner to create value through redesign or redevelopment and to strategically market the property to medical, school and business users that complement existing tenancy,” said Bell.
The 26.19-acre retail center was 53 percent leased at the time of sale and offers excellent exposure from its position on E. Memorial Highway, one of Lakeland’s primary retail corridors. In addition, the property is close to the city’s major employers, including the city of Lakeland and Lakeland Regional Health Medical Center, as well as residential hubs. Successful national and local retailers encompassing grocery, government, finance, home furnishings, restaurants and discount stores make up the diverse tenant roster.
“The property appealed to a broad base of investors seeking opportunistic fundamentals with realizable upside potential,” said Victor. “The center’s steady cash flow offers stability and a strong foundation for repositioning the asset.”