The Lakeside Village shopping center in Lakeland has sold for nearly $78 million to a real estate investment firm based in Baltimore, a statement from the broker said.
Continental Realty Corp. bought the shopping plaza near the crossroads of busy Harden Boulevard and the Polk Parkway in three transactions on June 29, according to records at the Polk County Clerk of Courts.
Lakeside Village is an 88-acre, mixed-used retail center at 1479 Town Center Drive near Lakeland Linder International Airport. It sits in a region that records more than 76,999 vehicle trips per day, the broker, JLL said. In a 20-minute drive of the retail center, the average household income is more than $70,000, and home to more than 300,000 residents.
”Lakeside Village is the essence of a regionally dominant center with an extraordinary tenant mix that drives traffic from an extended trade area,” said Danny Finkle, a senior managing director of JLL’s Retail Capital Markets Group. “The exceptional location, quality of design, and tenant merchandise mix have made this one of Central Florida’s premier mixed-use assets.”
Continental Realty bought the three parcels that comprise the commercial retail section of Lakeside Village for $63.26 million, $8.66 million and $6.07 million, court records show.
Jones Lang LaSalle represented the seller CASTO Oakbridge Venture, according to an online statement by JLL.
Continental Realty lists $3.6 billion in assets. It purchased the plaza through its Continental Realty Opportunistic Retail Fund I, court records show.
The tenants include anchors Belk, Books-A-Million, and an 18-screen CMX Cinemas. Despite the loss of the Crisper’s restaurant chain and the national Bed Bath and Beyond chain, the plaza is 91% leased. It also holds a Starbucks, Chili’s, Olive Garden, Burger 21, Chico’s, Versona, Victoria’s Secret, and Longhorn Steakhouse. Kohl’s is a shadow anchor.
Lakeside Village opened in 2005. Nearby, there are also four hotels containing 383 rooms in all, but they were not part of the sale.
In all, 454,872 square feet of the total 541,465 square feet that make up the entire property were sold, JLL said.
Lakeside Village is the company’s 17th retail property in Florida.