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Kimco sells Broward shopping center for $23M

CRE firm Dacar Management bought 29-acre site
By Katherine Kallergis | February 16, 2015 11:15AM

Cypress Lake Town Center

Cypress Lake Town Center on South State Road 7 in North Lauderdale

An affiliate of New York-based Kimco Realty sold a shopping center in Broward County for $23 million — a loss from its last sale in 2004.

Dania Beach-based Dacar Management, a commercial real estate firm, bought the nearly 29-acre site at 1159 South State Road 7 and 1259 to 1399 South State Road 7 in North Lauderdale on Feb. 5, according to Broward County records.

Cypress Lake Town Center tenants include Home Depot, Publix, Chase Bank, Firestone, Edible Arrangements and Foot Locker. Five retail spaces are available for lease, according to Dacar’s website. They range from 2,400 square feet to 10,500 square feet.

The shopping center, located west of the Florida Turnpike, was last sold in November 2004 for a combined $25 million. Dacar’s Carlos Garcia-Velez is listed as a manager on the buyer’s corporate filing.