ORLANDO—Three separate entities related to Lakeland, FL-based Century Retail sold three retail properties to Baltimore-based America's Realty for $12.1 million. CBRE represented the seller in the deal.

The properties included in the sale are: Avon Square, an 112,000-square-foot shopping center located on US Highway 27 in Avon Park; Palm Center, a 132,000-square-foot shopping center on South Florida Avenue in Lakeland; and Wabash Shopping Center, a 70,000-square-foot retail center on George Jenkins Blvd, also located in Lakeland. The retail portfolio has a combined net rentable area of 314,107 square feet.

“The overall retail investment market activity has significantly improved over the past three years,” says CBRE first vice president Daniel Baker, who is based in the Orlando office and specializes in shopping center investment sales. “As competition for so-called 'trophy' assets has increased, value-oriented buyers are more willing to seek out attractive properties in smaller markets, some with secondary anchors, in order to generate better returns.”