North Lauderdale Associates has closed on the purchase of a 129,000 sq ft shopping center in Lake City, Florida. The firm paid $18.25m for Gleason Place as well as a 1.3-acre land outparcel. The retail center is centrally located at the intersection of US Highway 90 and State Road 247. Built in 2017, the center is fully leased to retailers like Hobby Lobby, Ross Dress for Less and Dick’s Sporting Goods. NKF Capital Markets represented the unnamed seller.
“Counter to the ‘retail apocalypse’ narrative, we consistently see class A and B shopping centers in healthy markets with the right tenant lineup generate strong activity from the investment community,” said Drew Fleming senior managing director of NKF Capital Markets.
