Deerfield Beach firm pays $7.2M for Lakeland office building

Geneva Group paid $101 per square foot for the 71,190-square-foot property, which is 89.8% occupied

September 02, 2017 12:15 PM

Citizens Bank and Tower Plaza in Lakeland

Deerfield Beach-based Geneva Group bought a multi-tenant office building in Lakeland for $7.2 million.

Geneva paid $101 per square foot for a 71,190-square-foot property called Citizens Bank & Trust Plaza, which has an 89.8 percent occupancy rate.

The office building at 402 South Kentucky Avenue in Lakeland occupies a 1.33-acre site along a lake.

The tenant mix includes government agencies and companies doing business in the fields of finance, engineering and legal services.

Lakeland, located 32 miles from Tampa and 54 miles from Orlando, ranked 16th on U.S. News and World Report’s 2016 list of the “20 Best Places People are Moving to in the U.S.”

The seller of the Lakeland office building was represented by a four-member team at brokerage firm Avison Young: principals David Duckworth, Tim Callahan, John Crotty and Michael T. Fay, the managing director of the firm’s Miami operations.

“Due to the small size of the [Lakeland] market with limited local capital, fully stabilized assets like Citizens Bank & Trust Plaza rarely trade, and as such, we targeted out-of-market buyers,” Duckworth said in a prepared statement.

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