Office

Citizens Bank & Trust

Listing Price: $10,325,000

Cap Rate
8.50%
Gross SF
69,447
Rentable SF
69,447
Price/Gross SF
$148.67
Lot Size
1.33 acres
Year Built
1975

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale the Citizens Bank and Trust Plaza (the “Property” or “Citizens”), a ±70,000-square-foot office building located in Lakeland Florida. The Property is fully occupied with strong regional and national tenants including Morgan and Morgan, Citizens Bank and Trust, RKK Engineering, Fuzion Zone, Adecco Recruiting, the FBI, Raymond James and Florida DOE. The Property provides tenants and guests an on-site parking garage beneath the building, and a new public private partnership is constructing an additional public parking garage less than 2 blocks away, ensuring ample parking for the property into the future. Substantial aesthetic improvements were completed in 2018 and 2019 in the lobby and common areas, and in several tenant suites, and all common area and parking garage lighting was converted to LED fixtures. Citizens is located off of Interstate 4 in the bustling downtown central business district of Lakeland, on the edge of Lake Morton. The location offers tenants expansive lake views and is surrounded by many restaurants, cafés, pubs, museums, specialty shops and hotels; all within walking distance. The investment offers a new owner stabilized cash flow with increasing returns from built-in rent increases.

Investment Highlights

  • The Property has a history of long-term tenancy, low rollover and an average weighted remaining lease term of 4.5 years, including many national and government tenants
  • Lakeland is home to the corporate headquarters and distribution facilities for Publix, Geico (regional HQ), Pepsi, Amazon and many others
  • The downtown Lakeland office market has a vacancy rate well below the national average at 4.3 percent for similar properties of over 20,000 square feet, and has excellent walkability and amenities

Exclusively Listed By

Listing Price: $10,325,000

Cap Rate
8.50%
Gross SF
69,447
Rentable SF
69,447
Price/Gross SF
$148.67
Lot Size
1.33 acres
Year Built
1975

Investment Highlights

  • The Property has a history of long-term tenancy, low rollover and an average weighted remaining lease term of 4.5 years, including many national and government tenants
  • Lakeland is home to the corporate headquarters and distribution facilities for Publix, Geico (regional HQ), Pepsi, Amazon and many others
  • The downtown Lakeland office market has a vacancy rate well below the national average at 4.3 percent for similar properties of over 20,000 square feet, and has excellent walkability and amenities

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale the Citizens Bank and Trust Plaza (the “Property” or “Citizens”), a ±70,000-square-foot office building located in Lakeland Florida. The Property is fully occupied with strong regional and national tenants including Morgan and Morgan, Citizens Bank and Trust, RKK Engineering, Fuzion Zone, Adecco Recruiting, the FBI, Raymond James and Florida DOE. The Property provides tenants and guests an on-site parking garage beneath the building, and a new public private partnership is constructing an additional public parking garage less than 2 blocks away, ensuring ample parking for the property into the future. Substantial aesthetic improvements were completed in 2018 and 2019 in the lobby and common areas, and in several tenant suites, and all common area and parking garage lighting was converted to LED fixtures. Citizens is located off of Interstate 4 in the bustling downtown central business district of Lakeland, on the edge of Lake Morton. The location offers tenants expansive lake views and is surrounded by many restaurants, cafés, pubs, museums, specialty shops and hotels; all within walking distance. The investment offers a new owner stabilized cash flow with increasing returns from built-in rent increases.

Exclusively Listed By

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