In a notable real estate move, a downtown Lakeland office building recently exchanged owners for a noteworthy sum of $6.25 million.
The 36,000-square-foot property at 1 Lake Morton Dr. was purchased by SVM Properties, a Webster-based firm. This marks a significant development, especially considering the building’s previous acquisition cost was just $1.06 million in 1992 by LT Partnership. The transaction was managed by Steinbauer Commercial Real Estate, which also secured two new tenants prior to the sale, ensuring full occupancy.
The office building boasts a prime location, offering views of Lake Morton and the Lakeland cityscape. The tenant lineup includes reputable names such as law firms GrayRobinson and Vecchio, Carrier, Feldman & Johannessen PA, along with the financial services provider, Lewis Tax & Financial Group. Kyle Vreeland from Steinbauer facilitated the transaction, ensuring a smooth transition for all parties involved.
Meanwhile, in a separate transaction in Fort Myers, Body Contour Centers has secured a 13,047-square-foot lease in a new building at Hope Preserve. This development, aimed at senior healthcare, is strategically located near Gulf Coast Medical Center. Justin Thibaut and Christi Pritchett from LSI Companies Inc. represented the landlord, while Randy Mercer of CRE Consultants advocated for Body Contour. The move promises to enhance healthcare options in the area as the building nears completion.
Over at Babcock Ranch, The Shoppes at Yellow Pine retail center is now fully leased, with HomeGoods occupying a 23,000-square-foot space. This brings a mix of tenants like Ulta Beauty, Five Below, and Marshalls, among others, to America’s first solar-powered town. This area, straddling Lee and Charlotte counties, is set to expand further, with Katz & Associates shifting focus to phase III of development.
In Tampa, the iconic Alessi Bakery is undergoing a transformation, relocating to a nearby site after 52 years at its current spot. The renovation of the former Tampa Letter Carriers building promises to expand its offerings, introducing a coffee and liquor bar alongside its famed pastries and Cuban sandwiches. The new location is set to open next year, continuing the bakery’s legacy that started in 1912.
In the Sarasota area, The Shoppes at Palmer Ranch, a shopping center anchored by a Publix supermarket, has been sold for $20.4 million. The acquisition by Boston-based Wilder, with partners, marks their continued investment in Florida. The center, which includes a Publix drive-thru, Sherwin-Williams, and Fuji Sushi, adds to Wilder’s growing portfolio in the state.
Finally, in Palmetto, a large salvage yard spread over 8.5 acres has been acquired by Insurance Auto Auctions for $4.75 million. The property, located off South Tamiami Trail, expands IAA’s presence in Florida, adding to its ten existing auction sites, including ones in Tampa, Fort Myers, and Clearwater.
These real estate transactions highlight ongoing developments in Florida, reflecting a dynamic market with diverse investment opportunities. From commercial expansions to historic relocations, each transaction adds a unique chapter to the state’s evolving business landscape.
Source: Businessobserverfl
