Continental Realty Corp. Buys 460 KSF Retail Center for $78M

Lakeside Village. Image courtesy of Continental Realty Corp.

Continental Realty Corp. has purchased Lakeside Village, a 460,000-square-foot super-regional retail center in Lakeland, Fla. CASTO sold the asset for $78 million, according to CommercialEdge data. JLL’s Danny Finkle and Eric Williams brokered the off-market deal on behalf of the seller.

CRC bought the lifestyle center on behalf of Continental Realty Opportunistic Retail Fund I LP, a close-ended fund focused on neighborhood, grocery-anchored, lifestyle and power centers. Since its creation, the firm purchased 10 retail properties comprising nearly 2.4 million square feet and deployed nearly $150 million of equity.

The acquisition of Lakeside Village brought CRC’s Florida retail portfolio to 17 properties totaling nearly 2 million square feet.

A super-regional retail center

Completed in 2005, the retail center encompasses 20 buildings on an 88-acre site. The property also features approximately 46,000 square feet of Class A office space. The new owner plans to invest $3 million in renovations, providing upgrades to shopping center’s roof, exterior paint and revitalizing the commercial office space.

Anchored by Belk, Cobb Theatre, Books-A-Million and shadow-anchored by Kohl’s, the open-air center has more than 70 national and local tenants. Lakeside Village was 91 percent leased at the time of sale. The roster includes Burger 21, Chico’s, Fish City Grill, Ideal Image, Pearle Vision, Saigon Bistro, Starbucks Coffee, Versona and Victoria’s Secret.

Located at 1479 Town Center Drive, the retail center is right off Polk Highway, which provides direct access to Interstate 4. The property is in an area with many residential homes and more than 900 multifamily units planned for development on an adjacent property.

The retail center is 3 miles from Lakeland Linder International Airport, 33 miles from Tampa, Fla., and 60 miles from Orlando, Fla. More than 5.5 million people visit the area annually.