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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
