When he was 13, Matt King Jr. started a computer consulting business as a Carver Middle School student in Leesburg, FL, 45 miles northwest of Downtown Orlando. Six years later, the young entrepreneur and his mother, Selena Penturff, are joint venturing an even bigger deal.

The mother-son team has purchased the two-story, 10,000-sf fromer JC Penney department store and plan to convert the 45-year-old property into a mini Main Street antique mall and retail center. The estimated price of the property, vacant for the last three years, is $250,000.

King plans to move his Mac Outlet business to the building’s second floor which he will share with Sand Dollar Silk Imports and other small merchants. The ground floor will feature Southern Gardens Antique Mall and Showcase.

The 19-year-old Leesburg High School graduate plans to compete successfully with neighboring Mount Dora, the established antique center in Central Florida, by offering lower monthly rents. He will be asking $1 psf and no percentage of gross sales. Mount Dora merchants pay an average $1.40 psf plus 10% of gross sales.

“Our goal is to have every one of our tenants succeed, not fail, in this venture,” says King. “We will do everything we can to build their business, not hurt them by raising rents.” Renovations are expected to be completed by Oct.1.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.