The Shoppes at Lakeland Square Mall, anchored by Ollies Bargain Outlet, was acquired by Carrera Family Investments Inc. of Miami.
The multi-tenant mall with 44,375 square feet of retail space is located at 4000 US 98 in Lakeland, though its entrances are off Sleepy Hill Road and Mall Hill Drive, just behind the Chick-fil -HAS.
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 press release from Avanti Way Realty. A 1031 exchange — a term taken from an Internal Revenue Service form — allows capital gains taxes to be deferred by exchanging one real estate investment property for another, according to Investopedia.
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The company buying the center has appointed Jose Carrera as president and Zoraida Carrera as vice president. The two have the same address in Miami, according to state records.
The managing member of Lakeland Retail LLC is listed as Steven P. Wathen of Hillard, Ohio, Florida state records show. The company was first registered in Florida in 2006.
County property records also show multiple owners of the parcel developed over the past several decades, including Up Lakeland II LLC, Fortis KDS LLC, Investment USA Corp. and HL Florida Properties Inc. County records show the land was first improved in 1994, and prior to this land was vacant.
The Shoppes at Lakeland Square Mall is made up of two retail properties, a 36,500 square foot building built in 1993 and an 8,400 square foot building built in 2008, according to county property records.
The mall was completely renovated in 2008 and its current tenants operate under long-term leases, said Jennifer Becker, media consultant for Avanti.
“There may be cosmetic updates and upgrades in the near future as needed, no plans set yet,” she said.
The property is expected 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 with a mix of national tenants and family businesses. Tenants include All about Puppies, My Salon Suite, Regal Nails Salon & Spa, and VidaCann, among others.