Lake Harris Square in Leesburg has been sold to a Long Island, N.Y. investment group for $6.26 million.
The group apparently saw the long-term potential of the 61,220-square-foot retail center on 9.8 acres at 27405 U.S. Hwy. 27. Leesburg and the surrounding area are experiencing explosive growth.
The shopping center 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.
The Leesburg center is the sixth Florida retail property bought by Roger Delisle of Island Associates.
“Given the rising rates of treasury notes, we are seeking investments with rising cap rates moving forward to reflect the market,” Delisle told the Long Island Business News. “This property reflects that strategy.”