Lakeland, Fla. — JLL has arranged the sale of Lakeside Village, a mixed-use retail center located in Lakeland. The development comprises a total 541,465 square feet, 454,872 of which were included in the sale. Tenants at the property, which was developed in 2005, include CMX Cinemas, Belk, Books-A-Million, Kohl’s, Starbucks Coffee, Chili’s, Olive Garden, Longhorn Steakhouse and Famous Footwear. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction. Continental Realty Corp. acquired the property for an undisclosed price.
Florida
Marcus & Millichap Arranges $6.7 Million Sale of Single-Tenant Property Leased to Walgreens in Miami
Miami — Marcus & Millichap has brokered the $6.7 million sale of a freestanding, 13,650-square-foot property in Miami. Walgreens occupies the building on a 15-year triple-net lease. Built in 2004 and situated on 1.4 acres, the property is an outparcel to Kendall Pointe, a shopping center anchored by Aldi and PetSmart. Jonathan De La Rosa and Eduardo Toledo of Marcus & Millichap’s Miami office represented the buyer, a local private investment firm, in the transaction.
Miami Beach, Fla. — Eight new tenants have signed leases at the promenade along Lincoln Road in Miami Beach, which features more than 200 shops, cafés, galleries and restaurants across eight blocks. Paris St. Germain, Habitat Hyett, The Cheesecake Factory, Ecco, BonBon Etc., Osteria da Fortunata, Voyage Luggage and Salt & Straw will open locations at the promenade beginning this summer.
Orlando, Fla. — Plaza Advisors has arranged the sale of Orlando Square, a 183,877-square-foot shopping center located in Orlando. The property was 85 percent leased at the time of sale to tenants including Ross Dress for Less, Office Depot, Ollie’s Bargain Outlet, Central Rock Gym, Chipotle Mexican Grill, Firehouse Subs, Bright Now Dental, Chick-fil-A and Chase Bank. Core Investment Management purchased the center for an undisclosed price. Plaza Advisors represented the seller, an entity doing business as AGRE Orlando Square LLC.
Pace, Fla. — JRW Realty has arranged the $9.9 million sale of a Daybreak Market and Fuel located in Pace. The property totals 8,643 square feet. Leanna Tatikian of JRW represented the undisclosed buyer in the transaction. Justin Zahn of Commercial Investment Advisors represented the undisclosed seller in affiliation with Bang Realty-Naples Inc.
Brandon, Fla. — Unibail-Rodamco-Westfield (URW) has sold Westfield Brandon, a regional shopping mall located roughly 13 miles outside Tampa in Brandon, for $220 million. The property, which totals 1.2 million square feet, was approximately 85 percent leased at the time of sale. Dick’s Sporting Goods and a space formerly occupied by Sears anchor the property. The sale also included a three-acre parcel approved for 180,000 square feet of commercial space as well as a seven-acre development parcel. North American Development Group purchased the center through a joint venture with an institutional …
Sunrise, Fla. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June.
Orlando, Fla. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant property located in Orlando. CVS/pharmacy occupies the 13,616-square-foot building on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.
Sarasota, Fla. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. Belpointe PREP LLC is the developer. Leasing at the property, which include 424 residential units, is expected to begin in the first half of 2024.
Hialeah, Fla. — Codina Partners has acquired a 15-acre parcel formerly occupied by Sears at Westland Mall in Hialeah for an undisclosed price. The site has been vacant since February 2020. The locally based buyer has formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center comprises more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site.