TMT Properties, Inc. Acquires Office Building In Lakeland From Ironwood Realty Capital For $16.5M
115 South Missouri Avenue
$16,500,000
$153/SF
Building Size
107,512 SF
Asset Type
Office
Closing
Jun 30, 2026
About this deal
AI
The asset involved in this transaction is an office property located at 115 South Missouri Avenue in the Lakeland market. The sale price for the property was $16,500,000, with a total square footage of 107,512, resulting in a price per square foot of $153.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $16,500,000
- Address: 115 South Missouri Avenue
- Market: Lakeland
- Square Footage: 107,512
- Price Per Square Foot: $153
- Buyer: TMT Properties, Inc.
- Seller: Ironwood Realty Capital
- Brokers: Douglas K. Mandel, Zach Levine & Cody Hershey - Marcus & Millichap; Cory Petcoff - Baron Realty
This transaction involved notable individuals and firms, with Douglas K. Mandel, Zach Levine, and Cody Hershey representing the buyer through Marcus & Millichap, while Cory Petcoff represented the seller via Baron Realty.
On the Map
$16,500,000
$153/SF
Office
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Players
Lakeland Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93