The Real Deal Miami

Kimco nets $11.2M for Reef Plaza

February 28, 2012 04:30PM

Kimco President and CEO David Henry and Reef Plaza

NY-based Kimco Realty, a publicly traded real estate investment trust that owns shopping centers throughout the Americas, sold the Reef Plaza shopping center in Lauderdale Lakes for $11.2 million, according to CBRE Group, which exclusively represented Kimco.

Dania Beach-based Dacar Management bought the 112,500-square-foot center that sits on 10.4 acres at 3200 N State Road 7. The firm has a retail portfolio exceeding 1 million square feet in Broward, Palm Beach and Martin counties, according to its site.

Dacar’s newest acquisition is anchored by grocer Save-A-Lot, and is 89 percent occupied thanks to other national tenants including KFC, Payless ShoeSource, Casual Male, Quest Communications and GNC. — Adam Fusfeld