Lakeland Attracts S. Fla. Investor For Rare $7.2M Trade Of 71,000-SF Office Building

Aug 31, 2017 No Comments by

Avison Young’s Florida Capital Markets Group completed the $7.2 million sale of Citizens Bank & Trust Plaza, a 71,190-square-foot, six-story, multi-tenant office building situated on a 1.33-acre lot at 402 S. Kentucky Avenue in the heart of Downtown Lakeland.

Avison Young Principals of Capital Markets David Duckworth; Tim Callahan; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and John Crotty, CCIM; exclusively represented the owner in the sale of the property to South Florida-based Geneva Group.

 

“The Downtown Lakeland office market currently stands at an impressive occupancy level of 97 percent,” said Duckworth. “Due to the small size of the market with limited local capital, fully stabilized assets like Citizens Bank & Trust Plaza rarely trade, and as such, we targeted out-of-market buyers.”

Lakeland has garnered numerous accolades including #7 on Smart Asset’s “Florida’s Healthiest Housing Markets” list and #16 on U.S. News and World Report’s 2016 “20 Best Places People are Moving to in the U.S.” list.

“At 89.8 percent occupied with several gold-standard government-sponsored, financial, engineering, and law-related tenants, Citizens Bank & Trust Plaza boasts significant in-place income in addition to some lease-up potential,” added Fay. “Regional investors were drawn to the higher yield of the property compared to similar properties in larger metro areas. Ultimately, we closed the deal with The Geneva Group, our second transaction this year with this buyer.”

 

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