LAKELAND, FL-Locally based Century Retail has plans to revitalize Palm Center, a 132,000-square-foot shopping center on the city’s south side. Century acquired the segment owned by Tampa-based RMC Property Group for $4 million, or $30 per square foot.

Century and RMC have discussed the sale of Palm Center over the past two years, says Bobby Eggleston, portfolio manager with RMC. He adds that the company has no current plans to sell any other of its portfolio of 50 properties, totaling 4.2 million square feet throughout Florida.

“We had been looking at different options for the property,” Eggleston tells GlobeSt.com regarding the Lakeland asset. “This was sort of an off-the-market transaction. We never really marketed the property for sale.”

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.