Kimco Realty is parting with some of its South Florida retail portfolio. The company disposed of two neighborhood shopping centers in August.
David Donnellan and Todd Weintraub of CB Richard Ellis’ Private Capital Group, along with Dennis Carson from CBRE’s National Retail Investment Group, represented the seller in both transactions. MYA Properties LLC acquired Riviera Square in Riviera Beach and Sample Plaza in Pompano Beach for an undisclosed price.
“The sale of these two centers highlights the continued demand for well situated South Florida retail properties among investors,” Anthony Blanco, managing partner at Plaza Advisors, tells GlobeSt.com. “Both assets benefit from the draw of a grocery store anchor—Winn Dixie is a shadow-anchor at Riviera Square—and their position in their respective trade area is well sheltered from future competition.”
Riviera Square spans 46,107 square feet and is anchored by a new 20,707-square-foot dd’s Discounts—a division of Ross Stores—and a 12,000-square-foot Goodwill store. Coming online in 1967, the property has been substantially renovated. Riviera Square is 90% occupied.
Sample Plaza is a 63,613-square-foot neighborhood shopping center anchored by a 16,605-square-foot Save-A-Lot grocery store and an 8,990-square-foot Dollar General store. Like Riviera Square, the asset came to market in 1967 and has seen significant renovations. Sample Plaza was 72% occupied at the time of closing.
“Kimco Realty, like many other REITs, is strategically disposing of non-strategic assets and reinvesting the capital into core properties in select markets,” Blanco says. “We are presently marketing a center for them in Jacksonville and know that they are acquiring several other assets around the country. The buyer of these properties is a South Florida-based group with expertise in the management and leasing of similar retail properties throughout Florida.”
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