Shopping center that houses Ollie’s, other small stores, sells for $7.1.M
The Shoppes at Lakeland Square Mall, anchored by Ollies Bargain Outlet, has been acquired by Carrera Family Investments Inc. of Miami.
The multi-tenant shopping center with 44,375 square feet of retail space is located at 4000 U.S. 98 in Lakeland, though its entrances are off of Sleepy Hill Road and Mall Hill Drive, just behind the Chick-fil-A.
The center covers 4.48-acres and was sold in a 1031 Exchange for $7.1 million from Lakeland Retail, according to an Aug. 10 news release from Avanti Way Realty. A 1031 Exchange – a term taken from an Internal Revenue Service form – allows capital gains taxes to be deferred through a swap of one real estate investment property for another, according to Investopedia.
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The corporation buying the center listed Jose Carrera as its president and Zoraida Carrera as vice president. Both have the same Miami address, state records show.
The managing member of Lakeland Retail LLC is listed as Steven P. Wathen of Hillard, Ohio, state records in Florida show. The corporation was first registered in Florida in 2006.
The county property records also show multiple owners of the developed parcel in the past decades, including Up Lakeland II LLC, Fortis KDS LLC, Investment USA Corp., and H L Florida Properties Inc. The county records show the land was first improved in 1994, and before that land was vacant.
The Shoppes at Lakeland Square Mall is comprised of two retail buildings, a 36,500-square-foot building constructed in 1993 and an 8,400-square-foot building constructed in 2008, county property records show.
The shopping center was fully renovated in 2008 and its current tenants are operating under long-term leases, said Jennifer Becker, media consultant for Avanti.
“There may be some aesthetic updates and upgrades in the near future as needed, no defined plans as of yet,” she said.
The property is anticipated to generate county taxes of $58,830 in 2022 and has a fair market value of nearly $3.15 million, records show.
The center is fully occupied featuring a mix of national tenants and family-owned businesses. Tenants include All about Puppies, My Salon Suite, Regal Nails Salon & Spa and VidaCann, among others.