Lakeland shopping centers sold in $180 million portfolio deal
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 14, 2024

Two Lakeland shopping centers have sold to a New York development and investment group in a $180 million portfolio deal.

KPR Centers said Thursday that it purchased eight shopping centers in Florida, Wisconsin and Missouri. The Lakeland properties include two Target-anchored shopping centers: Lakeland Park Center and Shoppes of Lakeland.

The seller was Kimco Realty. Kimco acquired the eight properties it sold to KPR via its $2 billion purchase of RPT, CoStar News reported. The other Florida properties included in the transaction were Treasure Coast Commons in Jensen Beach and Vista Plaza in Stuart.

The eight properties total 1.5 million square feet and were 96% leased at the time of sale, KPR said.

“We have acquired eight well-maintained assets with highly diverse tenant rosters with a history of reputable institutional ownership, and we intend to maximize the portfolio’s value with an aggressive marketing and leasing program designed to fill any existing and upcoming vacancies,” Eric Wolf, KPR managing director of acquisitions, said in a statement. “Over time, we also intend to scrutinize the existing tenant mix and examine re-tenanting strategies designed to maximize the potential of each property.”

Both Lakeland properties are 100% leased. Shoppes of Lakeland is 174,439 square feet and includes Ashley Furniture, TJ Maxx and Burlington. Lakeland Park Center is 232,313 square feet and tenants include Dick’s Sporting Goods, Ross Dress for Less, Floor & Décor, PetSmart and ULTA.

The Lakeland centers are KPR's first properties in the Tampa Bay region.

"The ongoing population shift driven by the attraction to the sunbelt’s favorable climate and outdoor lifestyle is well documented, and adding these market-dominant centers to our Florida-area holdings aligns with another element of our overall acquisition strategy," Daniel Katz, KPR managing director, said in a statement.