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96K-SF Lakeland Retail Center Sells for $15.5M
Marcus & Millichap brokered the sale and financing of Northtowne Square, a 96,009-square-foot retail center in Lakeland, Florida. The asset, which is 100% occupied, was sold for $15.5 million, with $6.5 million financed by Marcus & Millichap Capital Corporation (MMCC).
Marcus & Millichap’s Tarek Chbeir added, “Even amid current market conditions, we successfully secured a sale close to a record 7% return.”
Chbeir exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors. Garrett Fierstein, senior director with MMCC arranged the financing with a local credit union on behalf of the buyer. Terms of the 10-year loan include a 6.25% fixed interest rate with 30-years amortization and no prepayment penalty.
Built in 1988, Northtowne Square is located at 5115 US Hwy 98 N. and spans over 10.31 acres. The center includes 20 national, regional, and local tenants including Harbor Freight Tools, Fancy Fruit & Produce, and Brewlands Bar & Billiards.
- ◦Sale/Acquisition
