Eustis Square Shopping Center, at a prominent location in Lake County, recently sold to Spigel Properties, a San Antonio, Texas-based owner and operator of retail centers and malls, for $5.85 million.
The 20.31-acre shopping center at the corner of Ardice Ave. and S.R. 19 just north of U.S. 441 has been showing its age. Built in 1984, the center's main tenants are Tractor Supply Co., Beal's Outlet, a few small restaurants, a laundry, and a Save-A-Lot. The center has roughly 88,394 square feet.
A commercial real estate broker brought the deal to Spigel, who said he has properties in 11 states. The purchase was attractive to him "because sales are very good there."
"We are going to wait a little bit, but we are going to update the center," he said. "We are working now to bring another anchor to the center."
The center is losing its Goodwill store because it is having another store built on S.R. 441.
But don't look for more upscale tenants in the center in the future.
"I think it will still be value-add kind of center," he said.
Spigel bought the center for a discount from the $8.9 million that Equitrust Life Insurance paid for it in 2014 and the $7.1 million it fetched in 2007.