Century Makes Plans for Palm Center

LAKELAND, FL-Locally based Century Retail has plans to revitalize Palm Center, a 132,000-square-foot shopping center on the city’s south side. Century acquired the segment owned by Tampa-based RMC Property Group for $4 million, or $30 per square foot.

Century and RMC have discussed the sale of Palm Center over the past two years, says Bobby Eggleston, portfolio manager with RMC. He adds that the company has no current plans to sell any other of its portfolio of 50 properties, totaling 4.2 million square feet throughout Florida.

“We had been looking at different options for the property,” Eggleston tells GlobeSt.com regarding the Lakeland asset. “This was sort of an off-the-market transaction. We never really marketed the property for sale.”

Palm Center was built in 1986 at the northwest corner of South Florida Avenue and Highlands Drive. The center’s anchors include Beall’s retail and outlet stores as well as another discounter, Tuesday Morning.

Earlier this month, Century announcedplans to redevelop Ormond Beach Mall, which it bought for $8 million in January. Those plans include razing an existing Publix Super Market and replacing it with a 45,600-square-foot anchor store, along with new storefronts on another 20,000 square feet.