Dallas-based real estate investor and developer Leon Capital Group boosted its asset portfolio in Orlando last Thursday, spending $2.95 million for a 1.52-acre Winter Park property it will redevelop for office and retail.
Located across 1308, 1324 and 1350 W. Fairbanks Ave., the property lies within a block of S. Orlando Avenue, and within walking distance to the city's MLK Jr. Park.
The property is currently home to the Carey Hand Cox-Parker Funeral Home. A local manager referred all calls to the company's regional manager, who did not respond to requests for comment about where the company will relocate.
The site is being marketed as land for lease or build-to-suit opportunities for a multi-tenant retail building of up to 7,734 square feet with a drive-thru, and a 5,606-square-foot medical office building, by Colliers International Central Florida's Christin Jones and Genny Hall.
"We've had a lot of interest from fast casual restaurant groups, all national brands not currently in the Winter Park market," Jones said.
The funeral home, mortuary and warehouse buildings on site totaling more than 16,000 square feet will all be demolished for new development.
Ronnie Carlson, acquisitions associate with Leon Capital Group out of Tampa, told GrowthSpotter on Monday the company has not finalized any plans yet for the property, and made the investment because they like the Orlando market.
Leon Capital's affiliate took out a $1.9 million mortgage from WSC Capital, LP, out of Dallas to help finance the acquisition.
Leon Capital also owns a 1.03-acre vacant site at 2121 S. Orange Ave., commonly known as Newton Corner in the South Downtown area. The company filed a zoning verification letter earlier this month with the City of Orlando, and is expected to develop a retail strip center of around 8,000 square feet.