Done Deals: JLL Capital Markets arranges sale of the mixed-use Lakeside Village retail center in Lakeland, FL

Friday, July 7, 2023

JLL Capital Markets arranges sale of the mixed-use Lakeside Village retail center in Lakeland, FL

Kim Flores

MIAMI, FL – JLL Capital Markets has closed the sale of Lakeside Village, a regionally dominant, mixed-use retail center in Lakeland, Polk County, Florida. The price was not disclosed.

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

Danny Finkle

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.

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.

Eric Williams

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.

Jorge Portela

”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.”

Williams added: “We have recently experienced strong investor demand, increasing conviction and capital formation around large format retail strategies.

“Dominant regional centers like Lakeside Village are well-positioned for future success, and investors recognize the long-term value proposition.”

For more news, videos and research resources on JLL, please visit our newsroom.