Polk County: Lakeland's Century Retail buys Havendale Square shopping center

BUYER: CRF-Havendale LLC (Havendale Square Management LLC), Lakeland
SELLER: Auburndale Retail I LLC
PROPERTY: 422 Havendale Blvd., Auburndale
PRICE: $3.33 million
PREVIOUS PRICE: $900,000, August 2003
LAW FIRM ON DEED: Clark Campbell Lancaster & Munson PA, Lakeland

PLANS, DESCRIPTION:
Lakeland-based Century Retail purchased the 69,050-square-foot Havendale Square shopping center for $3.33 million.

The price equated to $48 per square foot. That figure is lower than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.
Built in 1984, the center sits on a 7.06-acre parcel on Havendale Boulevard (State Road 544) with an average daily traffic count of 24,000 vehicles. Its primary tenants include Save-A-Lot, Bealls Outlet, Anytime Fitness and Citi Trends. Havendale Square is adjacent to a larger shopping center, anchored by Dollar General.

A Wawa convenience store is planned for an outparcel in front of the center.

The purchase price equated to a payoff ratio based on the retail center's net operating income (capitalization rate) of 9.4%.

The purchase entity, CRF-Havendale LLC, mortgaged the property to Pillar Multifamily LLC for $2.48 million.

Century Retail had not replied to a request for comment as of deadline.