The sale and financing of Northtowne Square, a 96,009-square-foot retail center in Lakeland, Florida was recently brokered by Marcus & Millichap. The property was sold for $15.5 million and is currently fully occupied. Marcus & Millichap Capital Corporation (MMCC) provided $6.5 million in financing for the transaction.
According to Tarek Chbeir of Marcus & Millichap, despite current market conditions, they were able to secure a sale with close to a record 7% return on investment.
Chbeir exclusively marketed the property on behalf of the seller and successfully procured local private investors as buyers. Garrett Fierstein from MMCC arranged financing through a local credit union for the buyer with terms including a fixed interest rate of 6.25%, 30-year amortization period, and no prepayment penalty over the course of their 10-year loan.
Northtowne Square was built in 1988 on over ten acres at its location at5115 US Hwy98 N., featuring an array of national, regional,and local tenants such as Harbor Freight Tools,Fancy Fruit & Produce,and Brewlands Bar& Billiards.
