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 an equity multiple in excess of 4x—underscoring the strength of Clover’s execution and adaptability.