The victim has been named locally as Gerry Mulligan.
His body was discovered in the Limehurst Way area of the town on Monday afternoon.
A 44-year-old man who was arrested on suspicion of murder is still being treated in hospital, the police said.
Police do not believe there is any paramilitary involvement.
DUP councillor Jonathan Craig said the killing of a man well-known in the local business community had deeply shocked residents in a quiet area.
"People cannot get over it," he said.
A post-mortem examination is to be carried out on Wednesday on the body of a man found in a car boot in Lisburn, County Antrim.