Class A Retail Center (7-tenant) | NNN Long Term Leases | 3.8% Assumable Debt

3920 Florida Ave S, Lakeland, FL 33803, USA
$14,750,480

Description

Marcus & Millichap is pleased to present for sale, Lakeland Center, located at 3920-4046 S. Florida Avenue in Lakeland, Florida. This 7-tenant retail center consists of three, two-tenant buildings, totaling 19,087 square feet, and one parcel which is ground leased to a single tenant. The tenant lineup consists of nationally recognized brands including The Good Feet Store (128 Franchises in 36 States), Fuzzy’s Taco Shop (53 National Locations Corporate based in Fort Worth, Texas), Mission BBQ (90 U.S. Locations ), Andy’s Custard (Rancher’s Custard Corporation with locations throughout 10 States), Twisted Sugar (Owned by Highlands Beverage Corporation), HTeaO and Jason’s Deli (Operating for over 40 Years with 250 Delis in 28 States). This location is extremely strong, with most tenants reporting sales exceeding projections.
Lakeland Center is just south of the S. Florida Avenue exit on the Polk County Parkway, which encircles Lakeland. S. Florida Avenue is a major north-south thoroughfare through Lakeland, with traffic counts in front of Lakeland Center exceeding 38,000 cars daily.
Residential areas near the center include Carillon Lakes, a new home development built in 2007 with 641 Single Family Homes and 72 Carriage Style condominiums with a 13,000 square foot clubhouse on 570 acres. Apartment complexes nearby include High View Apartments with 78 rented units and Bentley Pines Apartments. Average household Income within 1 mile of the property is over $80,904.
Colleges and universities located near this Retail Lakeland Center include Florida Southern College with over 3,000 students, Webster University with over 2,022 students and Polk State College-Airside Center. Also nearby is Lakeland Regional Medical Center with 851 Beds and Watson Clinic.
Lakeland is located along Interstate 4, between Orlando and Tampa, and is part of the Lakeland-Winter Haven Metropolitan Statistical Area with a population exceeding 725,000. Publix Super Markets (A Fortune 500 Company) has its headquarters here in Lakeland employing 6,500 people in the Lakeland Area including headquarters and warehouse employees. Other major employers
in Lakeland include Fedex, Amazon and GEICO Insurance Company. Built in 2019 and leased on a fully triple net basis, including one ground lease, Lakeland Center requires virtually zero management. It is a best-inclass, new construction center with strong tenants who are overperforming, and in a great location. With several strong rent bumps coming in the next two years, and inflation resistant triple net leases, an investor can look forward to future rental appreciation. Lakeland Center is also offered with assumable debt fixed at an extremely favorable 3.8 percent rate until 2029.

  • 3.8% Interest Rate Assumable Loan Fixed Until 2029 | Also Deliverable Free and Clear
  • Thriving 7-Tenant Retail Center With over 20,000 Square Feet Located in Lakeland, Florida With (Population 112,641)
  • Newer 2019 Construction | Long Term NNN Leases
  • Located Near Florida Southern College (3,000 Students) Webster University (2,022 Students)
  • Located Near Lakeland Regional Medical Center with 851 Beds and Watson Clinic
  • Retail Center Just Off the Polk County Highway on South Florida Avenue With Daily Vehicle Counts Exceeding 38,000
  • Florida is a No Income Tax State
  • Minimal Management Asset. Seller Will Retain Management if a Buyer Wishes

Property Documents

  • Retail-Center-Lakeland-FL-om-ib
  • City: Lakeland
  • State/county: Florida
  • Zip/Postal Code: 33803
  • Country: United States

Detail

  • Price: $14,750,480
  • Year Built: 2019

Additional details

  • CAP RATE: 5.00%
  • NOI: $737,024

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