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Buyer got $54 million in financing for Lakeland shopping center

The Baltimore real estate investment firm CRC bought the open air center in Polk County for nearly $78 million earlier this year.


  • By Louis Llovio
  • | 5:30 p.m. September 20, 2023
  • | 2 Free Articles Remaining!
A Baltimore real estate investment firm bought Lakeside Village in Polk County.
A Baltimore real estate investment firm bought Lakeside Village in Polk County.
Image via JLL
  • Tampa Bay-Lakeland
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The nearly $78 million sale of Lakeside Village in Lakeland to a Baltimore investor in June was completed in part with $53.7 million in acquisition financing.

According to Berkadia, a commercial real estate services and commercial mortgage originator, the loan is for five years and was issued by City National Bank of Florida.

Berkadia arranged the financing for the real estate investment firm Continental Realty Corp.

Lakeside Village is an 88-acre, mixed-used retail center off of Polk Parkway 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, according to a statement issued at the time of sale.

Polk County records show that Continental bought the shopping center, which is made up of three parcels, in July for $77.93 million. There were three separate transactions: one was for $63.26; one for $8.66 million; and one for $6.07 million.

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

 

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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