EUSTIS, FL-Orlando-based investment company Carter-Crossman has acquired the 192,884-sf Eustis Square shopping center located at 100 and 200 Ardice Ave for $10.5 million. The seller was Equity One.

Crossman & Co. president John Crossman tells tells that Equity One sold the retail center as part of a plan to shed non-core assets. Carter-Crossman acquired the asset as a value-added opportunity. “Over time, Carter-Crossman plans to make capital improvements to add value to the center,” Crossman says.

The retail center was originally divided into two phases and under separate ownership. The acquisition unites the retail center, which is anchored by Tractor Supply and Save-A-Lot. Other tenants include Bealls, Family Dollar, Goodwill and Accent Marketing.

“We’ve seen Eustis and other surrounding areas absorb the tremendous growth of the Villages, the largest residential community in the US,” Crossman says. “The surrounding Central Florida area has been positively impacted by this development and will continue to drive economic expansion.”

Equity One was represented in the transaction by Orlando-based Crossman & Co. The transaction was financed by commercial mortgage banking firm Interlachen Financial Group.

The Eustis Square acquisition brings the Carter-Crossman investment portfolio to 22 properties totaling 650,000 sf and $65 million.

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