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Plant City Observer Thursday, Jul. 12, 2018 4 months ago

Lake Walden Square sold for $29 million

The shopping plaza found at the intersection of Alexander Street and James L. Redman Pkwy. sold yesterday for $29 million to JBL Asset Management.
by: Breanne Williams Staff Writer

Lake Walden Square shopping center has a new owner. 

Holliday Fenoglio Fowler, L.P. (HFF) announced on Wednesday the 244,529 square-foot center sold for $29 million to JBL Asset Management. 

The diverse shopping plaza, found at the intersection of West Alexander Street and James L. Redman Parkway, is home to

businesses including Winn-Dixie, Marshalls, Michaels, Ulta Beauty, Ross Dress for Less, Amscot Financial, Famous Footwear, Continucare Medical, Fantastic Sams, Cricket Wireless, Firehouse Subs, Queen Nails, Sally Beauty Supply and Wasabi Japanese Steakhouse. 

“The Tampa MSA continues to be high on the list for Florida retail investors,” Director Eric Williams said in a news release. “The strong surrounding economic demand drivers along the thriving I-4 corridor coupled with a best-in-class anchor lineup and strong tenant sales performance attracted investors to Lake Walden Square.”

The plaza is a dominant retail location for Plant City and HFF said more than 38,967 residents that earn an average income of $68,173 are living within a three-mile radius of the center. 

The seller for the property was Retail Value Inc., which is a spinoff of DDR Corp. Using a team of brokers from HFF, the property was purchased by JBL Asset Management “free and clear of existing financing.”

The new owner is a privately-held service commercial real estate company. JBL Asset Management specializes in retail shopping center acquisitions, management and development. The company is based out of South Florida and its current portfolio includes more than 2,000,000 square feet of real estate. It owns shopping centers in several other states as well as Florida. 

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