Baltimore firm buys Lakeland shopping center for $78 million

The Lakeside Village shopping center in Lakeland has sold for $77.93 million to a Baltimore real estate investment firm.

Continental Realty Corp. bought the open air lifestyle center in Polk County late last month.  

A sales price was not disclosed in a statement from real estate firm JLL announcing the deal, but according to Polk County court records, CRC, as the company is known, bought three parcels that make up Lakeside Village in separate transactions. One was for $63.26; one for $8.66 million; and one for $6.07 million. JLL represented the seller.

CRC, which has $3.6 billion under assets, bought the center through its Continental Realty Opportunistic Retail Fund I.

The seller is CASTO Oakbridge Venture, according to the court records.

Lakeside Village is an 88-acre, mixed-used retail center off of the Polk Parkway in a busy commercial district near Lakeland Linder International Airport. Its tenant roster includes anchors Belk, Books-A-Million and an 18-screen CMX Cinemas as well as Starbucks, Chili’s, Olive Garden, Burger 21, Chico’s, Versona, Victoria’s Secret and Longhorn Steakhouse. Kohl’s is a shadow anchor.

It was built in 2005 and is 91% leased.

The property also includes four hotels with a total of 383 rooms that were not part of the sale.

In all, 454,872 square feet of the total 541,465 square feet that make up the entire property were sold, says the statement from JLL.

Lakeside Village is the company’s 17th retail property in Florida. Previous purchases include the Colonnade on 5th in Naples, Cypress Run Marketplace in Coral Springs and the Esplanade Shoppes and the Shops at Pelican Preserve in Fort Myers. Its total portfolio is made up of more than 9,000 apartment units, as well as retail centers and other commercial properties totaling about 8 million square feet across 10 states.

This is the third time in recent months that a major retail shopping center in the region has sold for more than $70 million. The first was Pasco County’s The Shops at Wiregrass, which brought $70.5 million, and the other was Westfield Brandon, which sold for $220 million.