Dundas Real Estate Investments is purchasing a shopping center that attracts millions of customers per year for $68.5 million.
The property is located on 74.2 acres and takes up over 313,000 square feet. First constructed in 2016, the shopping center, Lee Vista Promenade, hosts major brands including Five Below, Famous Footwear, Academy Sports, Epic Theaters, Ross Dress for Less, HomeGoods, Michaels, Bealls Outlet, Petco, and Ulta.
At the time of the sale, the property in the North Airport submarket sat at a 95.5 percent occupancy rate. According to Colliers, which represented both Dundas and the seller, SITE Centers, more than 35 percent of the revenue of Lee Vista is generated by "high-performing restaurant tenants." They average $600 per square foot in sales.
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