Martin’s Landing, Lakeland, Fla.
Steve Witten and Victor Nolletti of New Haven-based Marcus & Millichap Investment Real Estate Services recently brokered the sale of Martin’s Landing in Lakeland, Fla., for $12.75 million. The sales price represents $54,025 per unit and $61 per square foot.
“Martin’s Landing is an excellent investment in a dynamic submarket that is growing rapidly and attracting a lot of investor attention,” Nolletti said. “The property offers exceptional amenities and will continue to bring in high-quality residents.”
Andrew Wright, Jeffrey Meyer and Darron Kattan of Marcus & Millichap’s Tampa, Fla., office teamed with Witten and Nolletti to represent the buyer and seller in the transaction. Built in 1975, Martin’s Landing is located at 3520 Cleveland Heights in Lakeland. The property is located directly on Lake John and is adjacent to Cleveland Heights Country Club. The apartment community is situated on 13.5 acres and offers 207,608 rentable square feet. The unit mix consists of 32 efficiency apartments, 60 one-bedroom units, 100 two-bedroom units and 44 three-bedroom units. Floor plans range in size from 380 square feet to 1,550 square feet.
Common amenities include a clubhouse with a fitness center, private boat ramp, two large swimming pools, car wash, boat storage area and lighted sports courts. Residents enjoy upscale in-unit amenities including ceiling fans, vaulted ceilings, walk-in closets and washer/dryer connections in select units. All apartment homes have fully equipped kitchens. The seller was Martin’s Landing Assoc. and the buyer was RSG-Lakeland Property.
Paychex Signs Lease
Paychex Inc. recently signed a lease at RiverPark, which is located at 800 Connecticut Ave. in Norwalk.
When RiverPark initially could not accommodate a requirement of Paychex’s size, the owner and owner’s representative, CB Richard Ellis’ David Block and Michael Siegel, uncovered an opportunity in which a tenant represented by Paul King and Kenneth Nordstrom would be willing to make its space available. Paychex leased approximately 24,000 square feet of that space at the beginning of July. It will relocate its current Stamford operation to RiverPark by the end of the year.
As an incentive to tenants to lease the remaining available space in the building, the marketing team recently embarked on a Small Suites Program that offers smaller users the opportunity to lease space in what has traditionally been thought of as a large tenant building. Available blocks measure 1,100 square feet to 11,500 square feet, and pre-built units are slated for construction within a few months. Softel USA, which recently signed for 2,970 square feet at RiverPark, was the first to take advantage of the new program.
A top national provider of payroll, human resource, and benefits outsourcing solutions for businesses in the United States, Paychex favored RiverPark for its impressive amenity package, quality ownership and management, and location off Exit 13 of Interstate 95, according to officials. The deal marks the fifth new lease signed at RiverPark this year. Among the many amenities that attracted Paychex to the building are its atrium lobby, on-site cafeteria and fitness center. A conference center and wi-fi network are in the installation process. Paychex joins priceline.com, Interpublic Group of Companies, Octagon Inc., Stolt Nielsen and Hitachi Credit America Corp. as a major tenant in the building.
