CRC Buys Lakeland Lifestyle Center for $78M

Continental Realty Corporation, a Baltimore-based real estate investment and management company, has acquired Lakeside Village in Lakeland, Florida., for $78 million from DRA Advisors and CASTO, according to people familiar with the matter. The nearly 460,000-square-foot lifestyle center was purchased in an off-market transaction.

Lakeside Village is anchored by Belk, CMX Cinemas, Books-A-Million, and Kohl’s, and features over 70 tenants. CRC acquired the property on behalf of its Continental Realty Opportunistic Retail Fund I, LP (CRORF), which focuses on distressed and value-add retail properties.

With this acquisition, CRC now owns and manages close to two million square feet of retail space in Florida. CRC plans to invest over $3 million in renovations for the center, including roof replacement, exterior painting, and revitalization of the commercial office space.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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