The Real Deal Miami

Winn-Dixie sells Miami shopping center for $12.4M

New York REIT Kimco Realty buys property in sale-leaseback
December 09, 2013 09:45AM

Winn-Dixie at 1155 Northwest 11th Street

Winn-Dixie at 1155 Northwest 11th Street

Winn-Dixie has sold its shopping center near Marlins Park in Little Havana for $12.4 million, The Real Deal has learned.

The Jacksonville supermarket chain unloaded the 1155 Northwest 11th Street center in a sale-leaseback transaction last Tuesday, according to Miami-Dade County records. The county recorded the $175 per square foot sale on Friday.

NW 11th Street 1715, a company managed by New York real estate investment trust Kimco Realty, is the buyer. A retail specialist, Kimco owns and operates the largest shopping center portfolio in North America. The company’s South Florida holdings include Oakhill Plaza in Hollywood and Parkhill Plaza in Miami.

No financing was recorded with Kimco’s acquisition of the Winn-Dixie-anchored center.

As part of the transaction, Kimco and Winn-Dixie agreed to a 20-year lease at the center. Winn-Dixie has six renewal options of five years.

The center was built in 1999 on 6.4 acres southeast of the Dolphin Expressway and Northwest 12th Avenue. Miami-Dade’s property appraiser most recently assessed the site at $7 million. — Eric Kalis