Continental Realty Corp. Acquires Lakeside Village Retail Center In Lakeland For $78M
1479 Town Center Dr Lakeland, FL 33803, USA
$78,000,000
$169/SF
Building Size
460,000 SF
Asset Type
Retail
Closing
Jul 3, 2023
About this deal
AI
Continental Realty Corp. has purchased Lakeside Village, a retail center located at 1479 Town Center Drive in Lakeland, Florida, for $78 million. The property spans across 88 acres and consists of 460,000 square feet. The sale price of $78 million translates to a price per square foot of $170. The retail center is anchored by national tenants and will undergo $3 million in renovations.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $78,000,000
- Address: 1479 Town Center Drive
- Market: Lakeland
- Acres: 88
The buyer of Lakeside Village is Continental Realty Corp., while the seller is CASTO. The deal was facilitated by Danny Finkle and Eric Williams from JLL, who represented both sides of the transaction.
On the Map
$78,000,000
$169/SF
Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93