In a notable real estate transaction, the sale of a downtown Lakeland office building has been finalized for $6.25 million. The 36,000-square-foot property, located at 1 Lake Morton Dr., was acquired by SVM Properties, marking a substantial investment in Polk County’s commercial real estate sector.
The building, previously owned by LT Partnership, was originally purchased for $1.06 million in 1992. It spans 1.36 acres and offers a prime location overlooking Lake Morton and downtown Lakeland. Before the sale, Steinbauer Commercial Real Estate managed to secure two new tenants, bringing the building to full occupancy. The tenants include law firms GrayRobinson and Vecchio, Carrier, Feldman & Johannessen PA, as well as Lewis Tax & Financial Group. This well-planned tenant roster adds value to the investment for the new owner.
Meanwhile, in other significant commercial real estate movements, Body Contour Centers has signed a 12-year lease for a space in Fort Myers’ Hope Preserve. This development includes a newly built healthcare network aimed at senior care, complementing the regional growth in health services. The property, situated near Gulf Coast Medical Center, still has additional space available for leasing, ranging from 2,650 to 14,000 square feet, offering opportunities for future tenants.
In the retail sector, the Shoppes at Yellow Pine in Babcock Ranch is now fully leased with the inclusion of a 23,000-square-foot HomeGoods store. Other tenants in this nearly completed retail hub include Ulta Beauty, Five Below, and Marshalls, among others. This development further solidifies Babcock Ranch’s position as a prominent retail destination, with additional phases of retail expansion, such as phase III at B Street, on the horizon.
Furthermore, Alessi Bakery, a Tampa staple for over a century, is relocating to a newly renovated site. This move includes expanding their operations with new facilities like a coffee and liquor bar, enhancing their ability to serve their well-loved specialties.
In Sarasota County, the Shoppes at Palmer Ranch, anchored by a new Publix store, has sold for $20.4 million to Boston-based Wilder. This fully-leased shopping center highlights the continuing appeal and financial viability of Florida’s retail market.
Lastly, Insurance Auto Auctions has acquired an 8.5-acre property in Palmetto for $4.75 million, enhancing its operations with a new site for auctioning damaged vehicles. This expansion underscores the company’s growing footprint in Florida.
These transactions reflect a dynamic period in Florida’s commercial real estate market, underscored by strategic investments and significant leases that are reshaping various regions. As these developments unfold, they not only enhance the economic landscape but also illustrate the enduring appeal of Florida as a hub for business and community growth.
Source: Businessobserverfl
