Marcus & Millichap Brokers $15.5 Million Sale Of Northtowne Square Retail Center In Lakeland

Northtowne Square is a retail center located at 5115 US Highway 98 North in Lakeland, Florida. The asset encompasses 10.31 acres with a total square footage of 96,009. The sale of the property was finalized for $15,500,000, reflecting a price per square foot of $161.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $15,500,000
• Address: 5115 US Highway 98 North, Lakeland
• Asset Size: 10.31 acres
• Square Footage: 96,009
• Price per Square Foot: $161
• Tenants: Fully occupied by 20 tenants
• Mortgage Amount: $6,500,000
• Loan Provider: Local credit union
• Loan Rate: 6.25% fixed rate
• Amortization: 30 years

The transaction was represented by Tarek Chbeir from Marcus & Millichap, while Garrett Fierstein from Marcus & Millichap Capital Corporation served as the mortgage broker for the deal.