lakeland, fl

the property

Clover executed a ground-up development in South Lakeland, strategically located along South Florida Avenue—the area’s most established and highly trafficked retail corridor. Situated on a two-acre outparcel adjacent to a major national retailer, the project faced early hurdles, including securing a waiver from the neighboring property owner to allow construction to proceed—a process that required persistence and diplomacy.

Construction of the strip retail center commenced after Clover secured a lease commitment from Starbucks, who agreed to occupy 20% of the center’s rentable square footage. This early anchor tenant validated the project and helped catalyze leasing momentum.

the result

Initially envisioned as a hub for restaurants and general retail, the property’s shell was completed in April 2020—just as the COVID-19 pandemic triggered a global shutdown. Demonstrating agility and market responsiveness, Clover pivoted its leasing strategy to prioritize healthcare tenants. This led to successful leases with AdventHealth, a major physical therapy provider, and a prominent dental practice. Additionally, Charles Schwab leased the final space in the plaza recognizing the high quality location and adding to the A+ credit line-up in the plaza.

Despite challenging economic conditions, the asset stabilized rapidly and was sold within three years of development, generating a healthy equity multiple and underscoring the strength of Clover’s execution and adaptability.