State of Florida Communication Tower – Lake Placid, FL

State of Florida Communication Tower – Lake Placid, FL

State of Florida Communication Tower – Lake Placid, FL
1174 U.S. Highway 27
Lake Placid, FL 33852


Cap Rate 5.07%
Gross Leasable Area (GLA)
Price Per Square Foot (GLA)
Year Built
Lot Size 0.88 Acres
  •  Long Term Lease with the State of Florida
  • Percentage Rent - Inflation Protection
  • Adjacent to Regional Hospital
  • Upside in Leasing Vacant Building
  • Strategically Located in Center of Florida
  • No Management Responsibilities
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: State of Florida Communication Tower – Lake Placid, FL (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap is pleased to exclusively represent this communication tower in Lake Placid, Florida. The tower is leased to the State of Florida on a brand new 10 year lease with one 10-year option to renew. Also included in the sale is a 1,597-square foot vacant building, formerly a Florida Highway Patrol station.

The communication tower currently generates revenue from the State of Florida Department of Management Services. The state has the right to sublease the tower. Revenue generated from the sublease entitles the landlord to percentage rent equal to 15 percent of the gross revenue, in addition to the minimum rent of $7,200 per year. Annual three percent increases are in place for the minimum rent.

The vacant Highway Patrol Station provides additional upside to the landlord and potential for a double digit cash on cash return.

Lake Placid is located in the heart of Florida. It’s 75 miles west of the Atlantic Ocean, 75 miles east of the Gulf of Mexico and 80 miles south of Walt Disney World. Lake Placid is home to 27 freshwater lakes making this a dream destination for top freshwater fishermen. Multiple fish tournaments are held each year in Lake Placid. Adjacent to the subject property is Florida Hospital, serving all of Highlands County.


For More Information, Please Contact:

James Medefind

Senior Associate