LAKELAND, Fla. - December 2, 2020 - (Newswire.com)
Deerfield Beach FL-based real estate investment firm Geneva Group is pleased to announce the sale of the iconic Citizens Bank and Trust building located in Downtown Lakeland, FL. Geneva purchased the property in 2017 and executed a significant value add plan to reposition the asset by renovating the common areas and creatively maneuvering the tenant base to a more conducive mix for a mid-rise office building. The firm owned the property for almost 3 years with the sale in Q4 2020 making it the firm's second disposition of the year and the first disposition in the Lakeland, FL Market.
The Citizens Building is 6 stories and over 71,000SF situated on over 3 acres. Geneva essentially gutted the main lobby and common areas, invested in energy-efficient upgrades and added security gates to the 2 story parking garage but left a new owner the opportunity to undertake additional value add improvements and take the asset to another level.
"The investment exceeded our investor's expectations and we continue to look for value add assets in Lakeland," says Jarred Elmar, the firms Managing principle. "Lakeland is a market that, in the last several years, is discussed independently and not merely part of an Orlando or Tampa conversation. We remain bullish in this market and still own office and industrial properties in the area. We thank Douglas Mandel of the Mandel Group and Cory Petcoff of Barron Realty for doing an excellent job on the marketing and sale of this deal."
The Geneva Group is a leading real estate investment and development firm specializing in acquiring and managing commercial properties for their own portfolio.
The Geneva Group specializes in value-add and opportunistic strategies in U.S. Real Estate with a current focus on industrial, retail and office. Their mission is to deliver investment opportunities that provide strong, stable current returns while generating long-term capital appreciation for the firm and their investors.
Press Release Service by Newswire.com
Original Source: The Geneva Group Hits Another One Out of the Park!
