The Real Deal Miami

Kimco buys Parkhill Plaza for $25.45M

Sale results in big profit for Terranova affiliate Flagler Retail
September 28, 2011 02:19PM

Kimco Realty has purchased the Parkhill Plaza Shopping Center in Miami for $25.45 million, according to the sellers, Flagler Retail Associates. Flagler, an affiliate of Terranova, earned $19.4 million more than the $6.075 million they paid for it in 2001.

“Parkhill Plaza is an example of Terranova’s exceptional ability to add value to a retail property,” said Flagler Retail President Stephen Bittel.

The shopping center, at 9501 W Flagler Street, has 112,424 square feet and is anchored by Winn-Dixie. Cici’s Pizza, Supercuts, Wendy’s and JPMorgan Chase are also tenants in the center. Dennis Carson and Casey Rosen of CB Richard Ellis represented Terranova in the deal. — Adam Fusfeld