4 Florida Retail Properties Included In $307 Million Portfolio Sale

Dec 03, 2013 No Comments by

CBRE arranged the $307 million sale of a 10-property, 2.1 million-square-foot retail portfolio owned by a New York-based real estate private equity firm.

Kite Realty Group (NYSE: KRG), a publicly traded REIT headquartered in Indianapolis, Indiana, purchased the portfolio, which spans four Southeastern states.

CBRE’s Cliff Taylor, a Jacksonville-based member of CBRE’s Private Capital Group, and Dennis Carson and Casey Rosen, Miami-based professionals with CBRE’s National Retail Investment Group, advised the seller.

The portfolio comprises 10 anchored retail properties including four in Florida, three in Alabama, two in Texas and one in Georgia. Among others, anchor tenants include Publix, WalMart, The Fresh Market, TJ Maxx, Marshalls, Steinmart, Sports Authority, Old Navy and PetsMart. The portfolio was collectively 93% occupied at the time of the sale. The addition of this portfolio brings Kite Realty Group’s total portfolio to 78 properties, or nearly 12 million square feet under management.

The four Florida properties in the portfolio are:

  • Hunter’s Creek, a 227,536-sq.-ft. Publix-anchored shopping center at 3900-4140 Town Center Boulevard in Orlando.
  • Lakewood Promenade, a 195,339-sq.-ft. Winn-Dixie/SteinMart-anchored center at 1500-1670 University Boulevard W in Jacksonville.
  • Northdale, a 175,917-sq.-ft. center with a TJ Maxx, Bealls and Sweetbay Grocery at 3805-3845 Northdale Boulevard in Tampa.
  • Burnt Store, a 95,023-sq.-ft. center with a Publix and Home Depot at 3941 Tamiami Trail in Punta Gorda.

“We intended to bring this portfolio to market, but as soon as Kite Realty learned of the offering, they moved quickly to secure and capitalize on an off-market opportunity,” said CBRE Senior Vice President Dennis Carson.  “It was a win–win for both sides, with Kite buying a quality portfolio that enhances their market coverage and overall balance sheet, and the seller executing a successful planned sale ahead of schedule.”

“This was a highly collaborative effort involving CBRE investment sale teams from four offices,” said CBRE Senior Vice President Cliff Taylor. “This allowed the seller to benefit from a unique combination of investment sale experience as well as deep property and market knowledge.”

In addition to Carson, Taylor and Rosen, the CBRE team representing the seller included Chris Cozby, Chris Gerard, and Kevin Holland with CBRE’s National Retail Investment Group in Dallas; and Chris Decoufle and Kevin Reavey with CBRE’s National Retail Investment Group in Atlanta.

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Industry News, NA, Retail
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