Present Equity buys fully leased Casselberry Square for nearly $14 million

A fully leased shopping center at the corner of State Road 436 and Red Bug Lake Road has changed hands for nearly $14 million, a deal that gives Present Equity steady income now and a redevelopment option later at one of Casselberry’s busiest retail intersections.

CBRE said the sale of Casselberry Square closed for nearly $14 million and included the 96,946-square-foot center plus two vacant outparcels. The buyer was an affiliate of Present Equity, the Aventura-based value-add retail and industrial investment firm. Present Equity describes the property as a 10.5-acre neighborhood shopping center anchored by Ollie’s Bargain Outlet, Dollar General and Pet Supermarket.

The purchase matters because the property was already fully leased when it sold. That makes Casselberry Square look less like a turnaround play and more like a cash-flowing asset in a corridor where retail land still carries optionality. Marketing materials cite heavy traffic at the corner, with counts ranging from about 80,665 vehicles a day to 107,000 vehicles a day, depending on the source. For a center with national and regional tenants, that kind of exposure helps protect occupancy and supports future rent growth.

The two vacant outparcels are the part of the deal most likely to shape what happens next. In retail corridors like this, outparcels are often where owners add restaurants, banks, or other standalone tenants that can bring higher rents per square foot than the main shopping center. They can also increase traffic, tighten the tenant mix and speed up storefront turnover if a property shifts from a stable neighborhood center to a more active redevelopment site.

The timing points to both stability and change in Seminole County retail. Casselberry Square was acquired as a leased-in-place center, but the surrounding market has already shown how quickly a major corridor can evolve. RD Management LLC bought nearby Casselberry Exchange in October 2024 when it was only 23% occupied and later redeveloped it into a BJ’s Wholesale Club, which opened in December 2025. That sequence suggests investors still see value in Casselberry retail corridors, whether through income from existing tenants or redevelopment of underused land.

Broker materials also show how much demand there has been for the property over time. Some listings describe the center as renovated in 2016, while others list it as built in 1974 and renovated in 2015. However the history is read, the current transaction shows Present Equity betting on a corner with strong traffic, anchored tenants and room to add value if the outparcels are put to use in the coming years.