Village Plaza

​

Lakeland (Tampa MSA), FL

 

     

       Village Plaza is a 160,000 square foot Class A power center located in Lakeland, FL, about 30 miles Northeast of Tampa.

​

      The center is anchored by Hobby Lobby, Big Lots, and Party City with a diverse array of synergistic national tenancy completing the line up at this prime location within Lakeland’s dominant retail node. Outparcel tenants include Chipotle, Outback Steakhouse, and Heartland Dental. The asset is 97% occupied and anchored by a long term Hobby Lobby lease.

​

       Less than one mile from I-4, the center sits between Sam’s Club and Lakeland Square Regional Mall and across the street from two other large power centers with Target, TJ Maxx, Bealls Department Store, and Best Buy.  The center fronts US Hwy 98, the primary north/south commercial thoroughfare and Sleepy Hill Road, an ancillary road shared with Lakeland Square Regional Mall with 55,000 vehicles per day at the intersection. Demographics in the area are strong with over 120,000 people living in a 5 mile radius earning average incomes well over $50,000. 

 

      PMAT was able to acquire this center at a discount to replacement value from a REIT that is overexposed to this smaller non-core market. This favorable basis allows us to set up this property for long term success.