LAKELAND, Fla., July 7, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI)dedicated to serving the company’s institutional clients, announced today the sale of 115 S Missouri Avenue, a five-story, 107,512-square-foot, multi-tenant office property in Lakeland, Florida. The $17,525,000 sales price equates to $163 per square foot.
“The property is over is 97% occupied by a diverse mix of government, healthcare, education, and professional service tenants who combine to create a strong income profile,” said Douglas Mandel, IPA executive managing director investments. “The rent roll provides durable in-place cash flow, the weighted average lease term is over 4.5 years, and the staggered lease expirations will allow the buyer to capture future rental upside.” Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller and procured the buyer.
The property is located on nearly five acres in Lakeland’s central business district near Interstate 4, which connects to Tampa, Orlando, and Daytona Beach. Florida State Road 539, South Florida Avenue, Bartow Road, and George Jenkins Boulevard provide local access to the building. Lakeland Linder International Airport is within a short drive. The population within a three-mile radius is 77,265.
Built in 1964 and renovated in 1991, the property’s tenant roster includes the State of Florida Department of Revenue, the Early Learning Coalition of Polk County, and Lakeland Surgical & Diagnostic Center LLP.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
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