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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.

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