|Price/Rent PSF||$ 999,000.00|
The Subject Property is 4.44 acres of commercially zoned property in Lakeland, FL which is a part of Polk County. The location is just East of Interstate 4 and the heart of the City of Lakeland. This area has seen substantial growth in recent years due to its central location to Tampa and Orlando in Central Florida. The Subject Property currently has a billboard. There is an interest party who would lease the space, but that is being left open for the purchaser to negotiate.
The Subject Property has +/- 235 feet of frontage on US 92 / East Memorial Boulevard. It is situated between a Winn Dixie, Family Dollar, and Auto Zone. The location also has access on Woodland Avenue to the East. US 92 is a widely traveled roadway and provides excellent visibility and connectivity to area amenities and other major highways.
The Subject Property is Primarily Zoned Linear Commercial Corridor (“LCC”) with a small strip of RL-4. Per the Polk County Planning Department, the asset can all be zoned under the LCC land use. Per the Polk County Comprehensive plan, “the purpose of the Linear Commercial Corridor (LCC) land use district is to recognize existing linear concentrations of commercial, office, institutional, and industrial uses along roadways. The LCC land use also allows for multi-family residential on the second floor or higher of new or redeveloped buildings”. Therefore, the land use of the Subject Property should be considered to offer a wide variety of development plans.
The Subject Property is being listed exclusively through the SVN Florida Land Alliance. The sale provides an excellent opportunity to acquire a strategically located commercial parcel for development. The Asset is located between a grocer and a dollar store which creates a number of viable development uses. In fact, the Harvey's Supermarket replaced Winn Dixie in November of 2017 which coincided with improvements and the sale to the entire center.
Having significant visibillity on Highway 92 that has over 30,000 car a day.
The Seller has provided a Survey (including Topographical), Environmental review as well as an updated Title Policy as part of the due diligence material. This combined with the existing Land Use provides a strong opportunity to acquire a property for development. The Seller is willing on certain terms and conditions to sell subject to development approvals.