Former Posto 9 Building in Downtown Lakeland Sells for $1,950,000
Industry: Real Estate
Gary Ralston and David Hungerford Brokered Deal for Historic Building to House Relocating Restaurant Nineteen61
Lakeland, FL (PRUnderground) May 23rd, 2019
SVN | Saunders Ralston Dantzler Realty recently listed and sold the building formerly housing Posto 9 in downtown Lakeland at 215 E. Main Street on Munn Park. The building will be leased to another local high-end restaurant, Nineteen61, a Golden Spoon award winner in 2018. Nineteen61 Chef Marcos Fernandez will move the restaurant from the Dixieland District after renovations.
Gary Ralston, CCIM, SIOR, SRS, CPM, CRE, CLS, CDP, CRX, FRICS, CRRP is the managing partner and broker of SVN | Saunders Ralston Dantzler Realty, and David Hungerford is a sales associate at the brokerage. Ralston and Hungerford listed, sold, and leased the property.
Significant renovations to the building took place in 2016, modernizing the three-story mixed-use building while keeping its historic charm intact. Some of the improvements made to the building include two elevators serving customers and kitchen staff, three commercial kitchens (one for every floor), and a rooftop bar and lounge area overlooking Munn Park.
Before being listed by the brokerage, the property was under contract with a local investor, but the sale did not proceed because of difficulties in due diligence and financial feasibility items. The seller, CenterState Bank, engaged Ralston and Hungerford to market the property with the additional expectation of guiding a prospective purchaser through due diligence. They formed a plan which included finding a tenant that could lease the bottom floor of the building from a prospective purchaser. Nineteen61 was secured as a tenant for the bottom floor, and subsequently, a viable buyer was identified.
After the property was placed under contract, Ralston and Hungerford assisted the buyer and tenant in negotiating a lease, with a long-term goal of expanding Nineteen61 to occupy the rooftop lounge. Immediate plans for the bottom floor restaurant include considerable renovations and expanded seating. The buyer will eventually occupy the entire second floor as office space.
About SVN | Saunders Ralston Dantzler Real Estate
SVN | Saunders Ralston Dantzler Real Estate is located at the center of Florida’s I-4 corridor. With intimate knowledge of local markets, the brokerage offers proven leadership and collaborative expertise. Founded by three highly-recognized CCIM-designated Florida brokers, the company brings together experts in all aspects of real estate. For more information, please visit SRDcommercial.com.