Colliers Facilitates $68.5M Transaction of Lee Vista Promenade Shopping Center in Orlando
Acquisition Details
The Lee Vista Promenade shopping center in Orlando has been sold for $68.5 million. The transaction was facilitated by Colliers, with Dundas Real Estate Investments acquiring the property from DDR Orlando LLC. The shopping center encompasses over 313,000 square feet and is situated on 74.2 acres of prime real estate.
Location and Features
Strategically located near the Orlando International Airport, off Semoran Boulevard, Lee Vista Promenade is an open-air shopping center offering a wide array of retail and dining options. Among its notable anchor stores are Academy Sports + Outdoors, Michael’s, Petco, and Ross Dress for Less. The shopping center also boasts the Epic Theaters at Lee Vista and several popular restaurants including First Watch, Outback Steakhouse, and Rock & Brews.
Seller and Buyer
The seller of the property, DDR Orlando LLC, is linked to Site Centers, a property management company based in Ohio. The buyer, Dundas Real Estate Investments, is a Canadian real estate investment firm with an office in Daytona Beach. This acquisition highlights Dundas Real Estate Investments’ strategic growth in the Orlando area.
Market Context
The transaction underscores the robust demand for open-air retail spaces. Unlike enclosed shopping malls, open-air centers have shown greater resilience and productivity. According to Brian Grandstaff of Millenia Partners, landlords hold substantial power in the current market due to the limited construction of large-scale retail centers in recent years.
Market Statistics
In the current market landscape, Orlando has seen significant activity in the retail real estate sector. As of July 2024, the city recorded $487 million in retail real estate sales across 215 transactions, amounting to a total of 2.3 million square feet of space. In 2023 alone, Orlando achieved $965 million in retail real estate sales through 462 transactions, covering 5.4 million square feet of space. These figures reflect the strong and dynamic retail market in the region.
