Berkadia Arranges $53.7M Loan for Acquisition of Mixed-Use Open-Air Lifestyle Center in Central Florida
LAKELAND, Fla. (September 19, 2023) – Berkadia announces it has secured a $53.7 million loan for the acquisition of Lakeside Village, a 460,000-square-foot, regionally dominant, open-air lifestyle center in Lakeland, Florida, just east of Tampa. Managing Director Scott Wadler, Senior Director Matt Nihan and Associate Director Alec Fox of Berkadia South Florida secured the financing on behalf of the buyer, Continental Realty Corporation (CRC), a full-service real estate company based in Baltimore, Maryland.
Jennifer Power, Vice President of Capital Markets at Continental Realty Corporation, oversaw and negotiated the transaction. City National Bank of Florida (CNB) originated the five-year loan.
“We are pleased to have worked in conjunction with the Berkadia team to execute in a challenging financing environment,” said CRC’s Power. “Berkadia shares in our philosophy of fostering relationships and creating strong partnerships. City National Bank of Florida’s expertise in the real estate sector, understanding of the area’s high-growth demographics, and property’s stable tenancy, led to a solid execution for all.”
“City National Bank was attracted to Lakeside Village’s substantial barriers to entry and the sponsor’s successful track record repositioning similar assets,” continued Wadler. “Lakeside Village enjoys an excellent location adjacent to I-4, with the nearest comparable lifestyle center located more than 35 miles away. Further, it is complemented by several market-leading hotels and newly-built apartments situated just steps from the property.”
“With this acquisition, Continental Realty Corporation is poised to enhance the quality and tenant mix of Lakeside Village, reflecting the consistent improvements they have achieved across their extensive retail portfolio,” said Fox.
Located at 1479 Town Center Drive, Lakeside Village is situated along Central Florida’s I-4 corridor between Orlando and Tampa in Polk County, known as the second-fastest growing metro in the United States and Florida’s distribution hub, the epicenter of e-commerce distribution in the state. The property was built in 2005 and is leased to over 70 tenants covering a variety of categories, including food and beverage, entertainment, medical/healthcare, fitness, apparel, and services. It also includes 46,000 square feet of Class A office space, and is anchored by CMX Cinemas, Kohl’s, Belk, and Books-A-Million.
Lakeside Village is minutes away from the Publix Corporate Headquarters, the Town Center Lakeside Village Apartments, the Grassland Golf & Country Club and multiple new residential communities planned or under construction.