Polk County: Munn Park office building bought for executive suites

BUYER: My Office Building Inc. (officer: Katherine Lake), Lakeland
SELLER: Munn Park Properties LLC
PROPERTY: 122-124 E. Main St., Lakeland
PRICE: $1 million
PREVIOUS PRICE: $451,000, August 2008
LAW FIRM ON DEED: Meyer Law Group LLC, Lakeland

PLANS, DESCRIPTION:
Prominent chief financial office Katherine Lake purchased a 12,000-square-foot historic office building overlooking Munn Park for $1 million.

The price equated to $83 per square foot. That figure is lower than the two-year average price per square foot for office space ($119) in the Tampa Bay area, according to the CoStar Group.

The two-story building in downtown Lakeland was constructed in 1910. The bottom floor is leased to the Silver Ring Cafe, Divicious Deli and Coffee Shop and Evolve Hair Studio.
Lake, who was CFO for National Employer Services Inc. in Avon Park and large orange producer Silver Nip Citrus in Frostproof, is starting her own business, My Office and More, in
the remainder of the building space. The new business will provide private offices and co-working and virtual office space. It will occupy the entire 6,000-square-foot second level and will use 2,000 square feet on the first floor as a training room for up to 49 people. Lake plans to also create meeting space and mailboxes for tenants.

Construction is expected to take about 60 days, and My Office and More is scheduled to open toward the end of June.

Greg Smith and Kyle Vreeland of Coldwell Banker Commercial - Saunders Ralston Dantzler handled the transaction.

The purchase entity, My Office Building Inc., mortgaged the property to CenterState Bank of Florida NA for three loans totaling $1.43 million.