FL Shopping Center With HomeGoods & Bealls, Lee Vista Promenade, Sells To Canadian Group - $68.5 Mil

Photo byMichael Rivera, CC BY-SA 4.0, via Wikimedia Commons

If you live in Florida, you know that one way the Sunshine State is different from others is its affinity for "strip malls," or shopping centers that have many retailers and eateries clustered together and sharing one parking lot. And it's not unusual for these "malls" to change hands. I recently wrote about The Fountains in South Florida selling for a loss. However, Orlando's Lee Vista Promenade recently sold for a bit of a profit.

About Lee Vista Promenade: This shopping center has been reviewed a whopping 6,025 times on Google reviews, where it earns 4.5 out of 5 stars.

Its location and the businesses that call the mall home may have something to do with that. Located on Semoran Boulevard just north of Orlando International Airport, the mall attracts both tourists and locals. It features retailers like Ross HomeGoods, Michael's, Ultra, Petco, Five Below, Beall's Outlet, and Famous Footwear. It also has restaurants like Outback Steakhouse, Buffalo Wild Wings, Red Robin, and Moe's Southwest Grill.

Many reviewers commented on the convenience of having so many shops and restaurants in one place. A reviewer named Ivaylo wrote, in part:

"Spent half a day with my family before flying back to Europe. There were a lot of stores and places to eat. It is convenient to fulfill the shopping list, have a lunch, charge your batteries, and order an Uber drive to MCO, which is around 7 minutes away."

The Recent Sale: A Canadian real estate investment company, Dundas Real Estate Investments, purchased the shopping center for $68.5 million from DDR Orlando LLC, which is Ohio-based.

The purchase includes 18 acres of vacant land and Dundas Director Richard Wakeel spoke of future development, explaining:

"The center’s undeveloped land of almost 20 acres presents an incredible opportunity to develop additional retail themes, catering for the needs and wants of the local population as well as the important tourist traffic."

When DDR Orlando LLC was planning for a SuperTarget in the shopping center in 2014 (which eventually fell through,) the value of the Promenade was estimated as $51 million by the Orlando Business Journal at that time, which would mean that the recent sale netted an approximate $17.5 million profit, assuming the estimate was correct.

The author is not affiliated with Lee Vista Promenade or any other shopping centers.