Northtowne Square in Polk County sold for $15.5 million

Northtowne Square, a 96,009-square-foot shopping center in Lakeland, has been sold.

The buyer was a local private investor who bought the property through an LLC for $15.5 million. To help pay for the center, the couple behind the LLC took out a $6.5 million mortgage. The lender, according to county records, is Suncoast Federal Credit Union.

The loan is for 10 years at a 6.25% fixed interest rate with 30-years amortization and no prepayment penalty.

The sale, as well as the mortgage details, was announced by Marcus & Millichap, which marketed the property.

The 26-year-old Northtowne Square shopping center is at 5115 Highway 98 North, about 2 miles from Interstate 4 along a solid retail corridor. It sits on 10.31 acres and was fully occupied at the time of sale with 20 national, regional and local tenants. Among them, Harbor Freight Tools, Fancy Fruit & Produce and Brewlands Bar & Billiards.

The seller was a Sunny Isles Beach private investor with an LLC named Lakeland’s Sons. According to Polk County property records, it paid $8 million for the shopping center in 2019.

Tarek Chbeir, a senior associate at Marcus & Millichap’s Orlando office, represented the buyer and found the seller. Garrett Fierstein of Marcus & Millichap Capital Corp. arranged for the financing.