SITE Centers recently announced the sale of Lee Vista Promenade in Orlando for $68.5 million. The 313,000-square-foot open-air shopping mall was acquired by Dundas Real Estate Investments.
The property spans over 74.2 acres and includes three additional development parcels totaling 18.1 acres. Located at the southeast corner of Semoran Boulevard (SR-436) and Lee Vista Boulevard, the mall had an impressive occupancy rate of 95.5% at the time of sale.
Colliers’ Brad Peterson, Whitaker Leonhardt, and Eric AmRhein represented SITE Centers as the seller while Donald Jennewein also from Colliers helped arrange financing with City National Bank for buyer Dundas Real Estate Investments.
Despite fluctuations in interest rates, there is still strong demand from investors for high-quality retail properties due to population growth and solid retail fundamentals in this region,” said Peterson.
Built just four years ago in 2016, Lee Vista Promenade features a diverse mix of popular national tenants such as Academy Sports, Epic Theaters,Ross Dress for Less HomeGoods,Michaels Bealls Outlet,Petco Ulta,Five Below,and Famous Footwear.
This transaction highlights SITE Center’s focus on their core business strategy to spin off non-core assets like open-air shopping malls.”
