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Listen to this articleA group of Long Island commercial real estate investors have acquired a Florida shopping center for $6.26 million.
The group, led by Roger Delisle of Island Associates, purchased a 61,220-square-foot retail center on 9.8 acres at 27405 U.S. Highway 27 in Leesburg, Fla.
The shopping center called Lake Harris Square is 100 percent occupied and anchored by a Winn Dixie Supermarket and Winn Dixie Wine & Spirits, with a tenant roster that includes Beef O’Brady, Brooklyn’s Pizzeria & Italian Restaurant, Subway, Seafood Shack and other local businesses. The property was recently renovated, including $2 million in improvements performed by Winn Dixie, according to the buyers.
The Leesburg center is the sixth Florida retail property Delisle and his investment group have acquired in the last four years. The group owns shopping centers, single-tenant properties, industrial buildings and apartment complexes up and down the East Coast.
The price of the Leesburg property equates to a 6.75 percent cap rate.
“Given the rising rates of treasury notes, we are seeking investments with rising cap rates moving forward to reflect the market,” Delisle told LIBN. “This property reflects that strategy.”
Delisle represented the buying group, while Daniel Baruch of Legacy Realty Group represented the seller, Bingham Realty Inc., in the sales transaction.
