X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAKELAND, FL-A European private investor has acquired the 304,000-sf Town Center shopping center at 921 East Memorial Blvd. for $32 million, or $105 per sf.

Marcus & Millichap senior associate Ricardo Bovero, who is in the company’s Tampa office, represented the buyer. The seller, Howe Whitman, has owned the property since 2000.

The shopping center, which was 97% occupied at the time of the sale, is anchored by tenants including Big Lots, Dollar General, Aaron’s Rents and Family Dollar. “The property sold for a cap rate of 7% on in-place income,” Bovero says. “From contract to close, the transaction took only 60 days.”

The property is located in the Interstate 4 corridor between Tampa and Orlando, in an area with strong demographics. There are nearly 7.5 million people within a 50-mile radius of the shopping center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.