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Century Makes Plans for Palm Center

LAKELAND, FL-The retail firm pays $4 million for the property after two years of discussion.

By Carl Cronan | Updated on April 20, 2009

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.”

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