{"id":1004189268,"date":"2017-09-01T11:48:22","date_gmt":"2017-09-01T19:48:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189268"},"modified":"2022-12-08T13:36:46","modified_gmt":"2022-12-08T21:36:46","slug":"avison-young-brokers-tampa-area-office-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/avison-young-brokers-tampa-area-office-sale\/","title":{"rendered":"Avison Young Brokers Tampa-Area Office Sale"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004189269\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Citizens-Bank-and-Tower-Plaza-Lakeland.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004189269\" data-attachment-id=\"1004189269\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/avison-young-brokers-tampa-area-office-sale\/citizens-bank-and-tower-plaza-lakeland\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Citizens-Bank-and-Tower-Plaza-Lakeland.jpg\" data-orig-size=\"908,681\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Citizens Bank and Tower Plaza, Lakeland\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Citizens Bank and Tower Plaza, Lakeland&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Citizens-Bank-and-Tower-Plaza-Lakeland.jpg?w=908\" class=\"wp-image-1004189269 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Citizens-Bank-and-Tower-Plaza-Lakeland.jpg\" alt=\"Citizens Bank and Tower Plaza, Lakeland\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Citizens-Bank-and-Tower-Plaza-Lakeland.jpg 908w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Citizens-Bank-and-Tower-Plaza-Lakeland.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Citizens-Bank-and-Tower-Plaza-Lakeland.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004189269\" class=\"wp-caption-text\">Citizens Bank and Tower Plaza, Lakeland<\/p><\/div>\n<p>Avison Young\u2019s Florida Capital Markets Group has closed the sale of Citizens Bank &amp; 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.<\/p>\n<p>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 &amp; 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\u2019s Bank and Trust, CliftonLarsonAllen and MidAmerica.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/opa-locka-flea-market-trades-in-80m-deal\/\">Avison Young Principals<\/a> David Duckworth, Tim Callahan, John Crotty and Michael Fay, who is also managing director of the firm\u2019s Miami operations, worked on behalf of the seller in the transaction.<\/p>\n<h2>Stabilized asset<\/h2>\n<p><em>\u201cThe 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 &amp; Trust Plaza rarely trade, and as such, we targeted out-of-market buyers,\u201d<\/em> said Duckworth, in prepared remarks.\u00a0<\/p>\n<p><em>\u201cAt 89.8 percent occupied with several gold-standard, government-sponsored financial, engineering, and law-related tenants, Citizens Bank &amp; Trust Plaza boasts significant in-place income, in addition to some lease-up potential,\u201d<\/em> added Fay.<\/p>\n<p>Surrounded by various lifestyle amenities, the property is ideally situated on Lake Morton. Citizens Bank &amp; Trust Plaza&#8217;s Central Florida location provides access to nearby metros at a 32-mile distance from Tampa, Fla. and 54 miles from Orlando, Fla.<\/p>\n<p><em>Image courtesy of Avison Young<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Principals David Duckworth, Tim Callahan, John Crotty and Michael Fay, who is also managing director of the firm\u2019s Miami operations, represented the seller in the transaction.<\/p>\n","protected":false},"author":240,"featured_media":1004189269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1612],"tags":[33022,36252,36536,36537],"class_list":["post-1004189268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-tampa","tag-avison-young","tag-cliftonlarsonallen","tag-john-crotty","tag-michael-fay"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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