The onetime owner of Central Florida's oldest strip club, who is also a veteran retail property investor, bought Sanford's Rinehart Commons for $3.1 million from a San Diego real estate mogul with a penchant for Florida properties.
The shopping center at 1681 Rinehart Rd. was bought by Michael E. Pinter Jr., president of Pinter Enterprises of Casselberry and former owner of Club Juana. The 43-year-old Casselberry strip club was sold by Pinter to the Department of Transportation for $3.4 in 2006 to make way for a highway overpass.
Pinter, who now owns the Post Time Lounge in Longwood, purchased the Sanford property (which features mostly Grade A tenants) from California businessman Roger Conrad.
Subway, GameStop, Amscot, a jewelry store and a Chinese restaurant are among the stores operating at the site.
The shopping center is next to a Super Walmart that Pinter said is the retailer's busiest in terms of sales in the southeastern United States. The claim could not be confirmed with Walmart on Friday.
"It's all about location," said Pinter, of his decision to buy the property. "And we have a very strong lineup of tenants."
The purchase fulfills a 1031 exchange opportunity for Pinter, following a sale he made two months ago in Altamonte Springs.
Rinehart Commons sits on about an acre, and has 8,436 square feet of leasable space.