Mohd Beseiso said his fully leased Orlando strip mall has done so well he figures an addition there will also prosper.
The Toledo, Ohio resident owns the Metro Pointe shopping center at 5920 Metropolis Way in MetroWest, anchored by a Planet Fitness gym and an Own It Now rent-to-own store.
Beseiso plans to add a 3,859-square-foot multi-tenant building to the center's existing 34,041 square feet of commercial space, according to a permit application filed with the South Florida Water Management District.
He said there are no prospective tenants for the new building yet. The mall, near the northwest quadrant of S. Kirkman Road and Metrowest Boulevard, is managed by Liberty Universal Management.
"I don't think it will be leased the second we finish the project," he told GrowthSpotter. "I'm working with a management company that has an optimistic outlook. I think they know the area a little bit better than we do."
Construction could start before the end of the year, pending permit approvals, and completed six to seven months later, Beseiso said. Estimated investment in the project is around $2 million.
The Metro Pointe strip mall was built in 2009 and has 8,847 square feet of paved parking. Beseiso's company, Metro Point of Florida LLC, bought the property in December 2012 for $4.75 million, according to Orange County property records.
Beseiso said he owns other properties in Ohio, but the Metro Pointe shopping center is his only asset in Florida.