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David Lukes Of SITE Centers Acquires Westside Shoppes In Windermere For $39M

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SOLD
$39,000,000

Florida

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Retail70,000 SF
Sold 07/09/2025
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Property Image
SOLD

David Lukes Of SITE Centers Acquires Westside Shoppes In Windermere For $39M

Retail70,000 SF
Sold 07/09/2025
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Summary

Asset Type:Retail
Price Per Square Foot:$557
Total Square Footage:70,000 SF
Transaction Type:Sale

The retail asset involved in this transaction is the Westside Shoppes, located at Winter Garden Vineland Road/County Road 535 & Lachlan Lane in the Windermere market. The property was sold for $39,000,000, achieving a price per square foot of $557. The asset spans 70,000 square feet and was built in 2017, featuring tenants such as Panera Bread, Jersey Mike’s, and Gator’s Dockside.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $39,000,000
  • Square Footage: 70,000 SF
  • Price Per Square Foot: $557
  • Buyer: David Lukes - SITE Centers
  • Seller: Chuck Whittall - Unicorp National Developments; Dwight Saathoff - Project Finance & Development
  • Date of Transaction: 07/09/2025

The deal was represented by David Lukes from SITE Centers, who acted on behalf of the buyer. The sellers, Chuck Whittall from Unicorp National Developments and Dwight Saathoff from Project Finance & Development, were involved as a joint venture in this transaction.

Players

David Lukes
28 deals$1.6B volume
BUYER

Chuck Whittall
Unicorp National Developments
9 deals$472M volume
SELLER

Details

SOLD
IMAGE: Dwight Saathoff, Chuck Whittall & David Lukes DATE: 07/09/2025 ADDRESS: Winter Garden Vineland Road/County Road 535 & Lachlan Lane MARKET: Windermere ASSET TYPE: Retail BUYER: David Lukes - SITE Centers SELLER: Chuck Whittall - Unicorp National Developments (@UnicorpUSA); Dwight Saathoff - Project Finance & Development SALE PRICE: $39,000,000 SF: 70,000 ~ PPSF: $557 NOTE: Site Centers Corp. acquired the 70,000 SF Westside Shoppes in Windermere, FL for $39M ($557/SF) from a joint venture of Unicorp National Developments and Project Finance & Development. The 2017-built retail center is anchored by tenants including Panera Bread, Jersey Mike’s, and Gator’s Dockside.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,080,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$138,558.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$184,879.90
Annual Debt Service$2,218,558.76