By Timea Papp
Avison Young’s Florida Capital Markets Group has closed the sale of Citizens Bank & Trust Plaza, a 71,190-square-foot office building in downtown Lakeland, Fla. The multi-tenant asset traded in a $7.2 million deal to South Florida-based Geneva Group.
Located at 402 S. Kentucky Ave. on a 1.33-acre site, the six-story property was 89.9 percent leased at the time of the sale. Citizens Bank & Trust Plaza features recently renovated common areas, covered parking and is in the proximity of several newly constructed apartments, single-family housing, as well as restaurants and entertainment venues. Notable tenants include Citizen’s Bank and Trust, CliftonLarsonAllen and MidAmerica.
Avison Young Principals David Duckworth, Tim Callahan, John Crotty and Michael Fay, who is also managing director of the firm’s Miami operations, worked on behalf of the seller in the transaction.
“The Downtown Lakeland office market currently stands at an impressive occupancy level of 97 percent. Due to the small size of the market with limited local capital, fully stabilized assets like Citizens Bank & Trust Plaza rarely trade, and as such, we targeted out-of-market buyers,” said Duckworth, in prepared remarks.
“At 89.8 percent occupied with several gold-standard, government-sponsored financial, engineering, and law-related tenants, Citizens Bank & Trust Plaza boasts significant in-place income, in addition to some lease-up potential,” added Fay.
Surrounded by various lifestyle amenities, the property is ideally situated on Lake Morton. Citizens Bank & Trust Plaza’s Central Florida location provides access to nearby metros at a 32-mile distance from Tampa, Fla. and 54 miles from Orlando, Fla.
Image courtesy of Avison Young