REIT Sheds Lakeland-Area Power Center

The Shopping Center Group facilitated the sale of a 171,500-square-foot North Lakeland Plaza retail center in Lakeland, Fla.

By Balazs Szekely, Associate Editor

North Lakeland Plaza
North Lakeland Plaza

Retail Centers of America has acquired North Lakeland Plaza, in a transaction facilitated by The Shopping Center Group. The fully-leased 171,500-square-foot retail center was sold by Michigan-based publicly-traded real estate investment trust Agree Realty for an undisclosed price. The buyer was assisted by Lincoln Property Company.

Located on nine acres at the intersection of US Highway 98 and Wedgewood Estate Blvd. in Lakeland, Fla., North Lakeland Plaza is situated along a heavily trafficked retail corridor that carries approximately 52,500 vehicles daily. Built in 1987, the facility has been anchored by Best Buy, Jo-Ann Fabric and Craft Stores and Bealls for more than a decade. National companies such as CitiFinancial, Sally Beauty Supply and Fantastic Sams are also part of the tenant roster. Beef O’Brady’s, MidFlorida Bank and Taco Bell also operate at the property but were not included in the sale.

The Shopping Center Group’s team that marketed the property was led by Director of Investment Sales Anthony Blanco, Senior Associate Lenard Williams and Analyst Mallory Ham marketed the property for sale.

Image via Agree Realty