A pair of publicly traded real estate investment decision businesses teamed up to receive 5 Publix-anchored retail centers in South Florida and a person in Georgia in a approximately $426 million offer.
Jericho, New York-based mostly Kimco Realty and its new joint undertaking partner Blackstone paid $425.8 million to acquire 70 % interest in the six-house portfolio from Jamestown, a privately-held genuine estate business headquartered in Atlanta, Georgia, according to a press release.
Kimco, led by CEO Connor Flynn, owned 30 p.c of the portfolio in a earlier joint venture with Jamestown by means of the company’s not too long ago completed merger with Weingarten Realty.
Beneath the new ownership, Kimco and Blackstone just about every own a 50 p.c stake in the 6 searching facilities. Kimco will continue on to deal with the portfolio on behalf of the joint undertaking, the press release states.
The South Florida homes are Pembroke Commons at 600 North University Drive and Flamingo Pines Browsing Centre at 12550 Pines Boulevard in Pembroke Pines Hollywood Hills Plaza I and II at 3251 Hollywood Boulevard in Hollywood Northridge Purchasing Heart at 1003 East Industrial Boulevard in Oakland Park and Tamiami Trail Outlets at 13850 Southwest Eighth Road in Miami.
In Atlanta, it acquired Publix at Princeton Lakes, at 3730 Carmia Drive Southwest.
The entire portfolio spans 1.2 million sq. feet.
The prior possession ordered Tamiami Trail Shops for $17.2 million, Pembroke Commons for $42.1 million and Northridge ShoppingCenter for $36.5 million in 2009, according to information. A yr later on, it paid out $31.7 million for Hollywood Hills Plaza I and II.
JLL marketed the portfolio. In a assertion, JLL’s Danny Finkle mentioned that population and employment progress, as effectively as company relocations are fueling business authentic estate fundamentals in South Florida.
The deal closed amid a sizzling current market for outdoor retail purchasing centers in the tri-county location. According to professional brokers, retail qualities anchored by grocers and price reduction retailers have carried out particularly well all through the pandemic.
Throughout Miami-Dade, Broward and Palm Beach front counties, retail vacancy rates have dropped to 5 p.c or down below as landlords have elevated rents again to pre-pandemic ranges, in accordance to a 3rd quarter Colliers report.
Lately, Allstate Investments marketed a Dollar Common-anchored business office and retail center in West Palm Beach for $12.4 million to Atlanta-primarily based Jordan Money AM. In yet another Palm Seaside County offer, JB Money Administration and Royce Homes obtained a Fresh Current market-anchored buying plaza in Jupiter for $25.5 million. In Miami-Dade, Horizon Attributes of Miami compensated $32.5 million for a Publix-anchored searching middle in Hialeah.