Sale of mixed-use, super-regional retail center in Central Florida completed

MIAMI, Jul. 5, 2023 – JLL Capital Markets announced today that it has closed the sale of Lakeside Village, a regionally dominant, mixed-use retail center in Lakeland, Polk County, Florida.

JLL represented the seller in the transaction. Continental Realty Corporation acquired the asset.

Developed in 2005, Lakeside Village’s tenant roster is leased to an ideal mix of necessity, food and beverage, entertainment, service, medical and apparel uses. The property is anchored by an 18-screen CMX Cinemas, Belk, Books-A-Million and Kohl’s (NAP). Additional tenants include Starbucks, Chili’s, Olive Garden, Longhorn Steakhouse and Famous Footwear. The average tenure of the property is 14 years. Additionally, the center receives approximately 5.5 million visitors per year.

Of the 541,465 square feet that make up the entire property, 454,872 square feet of retail and office uses are part of the sale. The center is also home to four hotels totaling 383 keys that are separately owned and not a part of the sale.

Situated at 1479 Town Center Dr., the property is located at the epicenter of the I-4 corridor and is positioned directly between the Orlando and Tampa markets. The property is immediately adjacent to the Polk Parkway, providing visibility to over 76,999 vehicles per day. Within a 20-minute drive of the center is an average household income of over $70,000 and a population of over 300,000 residents.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director and Co-Lead of JLL’s Retail Capital Markets Group Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores.

”Lakeside Village is the essence of a regionally dominant center with an extraordinary tenant mix that drives traffic from an extended trade area,” said Finkle. “The exceptional location, quality of design and  tenant merchandise mix have made this one of Central Florida’s premier mixed-use assets.”

“We have recently experienced strong investor demand, increasing conviction and capital formation around large format retail strategies,” Williams said. “Dominant regional centers like Lakeside Village are well-positioned for future success, and investors recognize the long-term value proposition.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of nearly eight million square feet of commercial space and over 9,000 apartment homes across 10 states, with a portfolio value exceeding $3.6 billion. For further information, visit www.crcrealty.com/.