Citizens Bank & Trust Building Sold for $7.2 Million

Citizens BankThe glass-paneled, six-story Citizens Bank & Trust building overlooking Lake Morton has been sold to The Geneva Group, a Deerfield Beach real estate investment company, for $7.2 million.

“The Downtown Lakeland office market currently stands at an impressive occupancy level of 97 percent,” said David Duckworth of listing agency Avison Young. “Due to the small size of the market with limited local capital, fully stabilized assets like Citizens Bank & Trust Plaza rarely trade, and as such, we targeted out-of-market buyers.”

Real estate listings for the building at 402 S. Kentucky Ave. emphasized that the bank recently renewed its lease through 2023 and that the building has a “strong tenant mix of government-sponsored agencies and local/regional financial, engineering and law-related tenants.”

The 71,190-square-foot building on a 3.3-acre lot was last sold in 2006 for $6.6 million.

“Regional investors were drawn to the higher yield of the property compared to similar properties in larger metro areas,” Duckworth said.