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ORLANDO-New York-based Cutwater Capital LLC is making its debut on the metro Orlando retail investment scene with the $6 million acquisition of Lee Road Shopping Center, a 28-year-old, 100%-leased, 169,993-sf property a half mile east of the Interstate 4 interchange in suburban Winter Park, FL.

Cutwater paid Flatrock Partners LP of New York $35.30 per sf for the 24-tenant property six miles north of Downtown Orlando. CNL Bank of Orlando provided first mortgage acquisition financing.

Major tenants are Ross Dress for Less, Sam Ash Music, Save-A-Lot grocery, Beall’s department store and Dollar General. Quoted average rents are $12 per sf to $15 per sf.

The property was extensively redeveloped in 1999 and is one of metro Orlando’s earliest open-air shopping centers. Cutwater managing principal Jonathan Cappo says his firm has cut a good deal.

The center “represents an outstanding investment in an infill location that provides a viable tenant mix and exceptionally strong cash flows,” Cappo says in a prepared statement. He says he is “quite confident” the property “will prove to be a tremendous success for our firm and its investment partners.”

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