Orlando retail center sells for $68.5 million

Colliers | U.S. is proud to announce the successful sale and financing of Lee Vista Promenade, a premier open-air shopping center located in the North Airport submarket of Orlando, for $68.5 million to Dundas Real Estate Investments.

Spanning 313,981 square feet on 74.2 acres, this prominent property includes three additional development parcels totaling 18.1 acres. Situated at the southeast corner of Semoran Boulevard (SR-436) and Lee Vista Boulevard, Lee Vista Promenade was 95.5% occupied at the time of the sale.

Brad Peterson, Whitaker Leonhardt and Eric AmRhein of Colliers represented the seller, SITE Centers. Donald Jennewein of Colliers also represented buyer Dundas Real Estate Investments in arranging the financing with City National Bank.

“Lee Vista Promenade attracted significant investor interest due to its prime location at the doorstep to the Orlando Airport, which recently opened a new $2.8 billion terminal expansion, boosting future capacity,” said Peterson, vice chairman at Colliers. “With strong tenant performance and lower rents compared to newly built centers, Lee Vista Promenade offered a compelling long-term investment basis and opportunity.”

Built in 2016, Lee Vista Promenade boasts a diverse lineup of leading national tenants, including Academy Sports, Epic Theaters, Ross Dress for Less, HomeGoods, Michaels, Bealls Outlet, Petco, Ulta, Five Below and Famous Footwear. The property is a significant retail destination with over 35% of its revenue generated by high-performing restaurant tenants, who average sales exceeding $600 per square foot. These restaurants are either on ground leases or situated in one of the five free-standing strip buildings included in the sale.

The shopping center attracts approximately 4.4 million visits annually, positioning it among the top 5% of shopping centers in the Orlando metropolitan statistical area, the state of Florida, and nationally, according to Placer.ai. Its strategic location benefits from nearly 10,000 residential units planned or under construction within a 5-mile radius, including 3,486 single-family homes in the Vista Park PD directly to the east.

Lee Vista Promenade is ideally located less than one mile from Orlando International Airport, Florida's busiest airport and the eighth busiest in the U.S., with over 50 million passengers annually. The airport recently completed a $2.8 billion expansion, adding a new international terminal and 15 gates, and linking to the Brightline high-speed rail connecting central and south Florida. The area also features nearly 5,000 hotel rooms within a 1-mile radius of the property.

With high-traffic volumes and excellent accessibility, the property benefits from 80,000 vehicles passing by daily on SR-528, 56,000 on SR-436, and 103,500 on SR-417, with additional traffic on Lee Vista Boulevard. This exceptional location and robust tenant mix make Lee Vista Promenade a standout asset in the Orlando retail market.

In the Southeast, the Colliers team, led by Peterson, has sold $240 million in retail properties this year and has an additional $250 million on the market or under agreement. This includes representing sellers in two of the three largest retail transactions in the state of Florida in 2024.

“Despite interest rate volatility, investor demand for high-quality retail remains robust, fueled by strong population growth and solid retail fundamentals in the region,” Peterson said.

About Colliers

Colliers is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of more than $4.4 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.

About SITE Centers Corp

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s email distribution for press releases and investor news, please click here.

About Dundas Real Estate Investments

Dundas Real Estate Investments was founded in the city of Toronto in 1997, as a real estate investment and management firm with focus on commercial and retail properties with offices located in Toronto along with a US platform based in Daytona Beach managing our Florida properties. Dundas Real Estate Management's proactive approach to property management garners the highest levels of tenant satisfaction, ensuring their clients’ operations run smoothly and efficiently allowing for optimal profits and increased value.