Marcus & Millichap announced the sale of Citizens Bank & Trust, a 69,447-square foot office property located at 402 S Kentucky Avenue in Lakeland, according to Ryan Nee, Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $9,800,000, a 36% gain over its August 2017 sale price of $7,200,000. Douglas K. Mandel and Jaclyn Blair, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of seller GENEVA LAKE LLC, a South Florida-based limited liability company. The buyer, 1325 Gateway, a limited liability company, was also secured and represented by Mandel and Blair.
The property is fully occupied with strong regional and national tenants including Morgan and Morgan, Citizens Bank and Trust, RKK Engineering, Fuzion Zone, Adecco Recruiting, the FBI, Raymond James, and Florida DOE. The property provides tenants and guests an on-site parking garage beneath the building, and a new public private partnership is constructing an additional public parking garage less than 2 blocks away, ensuring ample parking for the property into the future.
“The investment offers the new owner stabilized cash flow with increasing returns from built-in rent increases,” adds Mandel.
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