A large piece of commercial real estate in Belleview has been sold for $3.75 million to a development firm that plans to transform the site into a major shopping hub that will be anchored by a national grocer.
LRE Belleview LLC purchased approximately 24.45 acres of commercial land along US Highway 441 from Southern Realty of Marion County LLC and several individuals for $3,750,000 on Friday, June 5.
The purchasing company is tied to Leaders Real Estate (LRE), a national commercial real estate firm focused on retail leasing, development, and investment that creates strategic real estate solutions for landlords and retailers. That company is based in the Orlando area, with properties all across the nation.
With the land now secured, the firm is marketing the property as a prime multi-use development site. According to the company’s listing information, the plan is to develop the 150,000-square-foot retail center with a fortune 100 grocer as its anchor.
In addition to the main grocery store, the site plan includes several multi-tenant outparcels designed specifically for drive-thru concepts. Some of the proposed businesses for those spaces include quick-service restaurants, coffee shops, and service retail.
LRE is currently offering build-to-suit or ground lease options for prospective businesses looking to join the new commercial center.
The development firm notes that the site boasts excellent visibility, signalized full access, and multiple ingress and egress points. According to LRE, that stretch of U.S. 441 sees approximately 25,000 vehicles per day.
The acquisition of the site was finalized through two separate deeds to consolidate three adjacent parcels.
The first segment consists of two parcels that total 12.95 acres in size. That combined parcel was sold to the developers by Southern Realty of Marion County LLC. It is heavily zoned for business and was previously annexed into the City of Belleview in December 2010.
The remaining balance of the site, an 11.50-acre parcel adjacent to the commercial lots, was acquired from Carole Anne DeLucian, Katina Leigh Heflin, and Wesley Stuart DeLucian of Palm Bay, Florida.
Before being cleared for this new shopping center, the site held a long history of local business operations.
The 12.95-acre commercial portion includes an 8.9-acre parcel located at 12110 S US Highway 441, which housed a multi-building commercial site known as Look-A-Like Plaza.
Over the years, the plaza served as a hub for a variety of local trade and retail tenants, including Juniper Landscaping of FL LLC, Semper Fi Heat and A/C, Village Cart Works, Navarro’s Custom Cabinets Inc., Awnair Adjustable Awnings Inc., Fitzgerald Fishing LLC, and A&W Cleaning.
Adjacent to the plaza, a 4.05-acre parcel was historically utilized by Contractors Supply of Central Florida alongside a nursery operation.
The final 11.5-acre parcel previously contained a single-family residence and vacant land.
By combining these three parcels, the developers have secured the massive footprint necessary to bring a major national grocer and several new dining and retail options to the Belleview community.
What kinds of shops and restaurants would you like to see built at the new development? Share your thoughts below, or write a letter to the editor.