Kimco buys out SoFla partner on two Broward properties for $300M

REIT is focusing on buying up shopping centers in the US

TRD MIAMI /
Apr.April 13, 2016 10:30 AM

Kimco Realty Corp. just announced it has bought out its partner on two Broward properties, including a huge mixed-use development, for a whopping $299.2 million.

The real estate investment trust has now taken full ownership of Oakwood Plaza, a fully leased 900,000-square-foot shopping plaza at 3800 Oakwood Boulevard, and Dania Pointe, a 102-acre mixed-use development project expected to break ground by the end of this year.

The seller is the Canada Pension Plan Investment Board, a massive financial firm that manages pensions on behalf of 18 million Canadians. CPP owned a 45 percent stake in both properties before selling.

According to the announcement, Kimco’s gross purchase price for the Oakwood shopping center, which boasts tenants like Marshalls and Regal Cinemas, was $215 million including the assumption of a $100 million mortgage.

The remaining $84.2 million went to Dania Pointe, a massive mixed-use project south of the Fort Lauderdale International Airport along I-95. Plans include 900,000 square feet of commercial space, 1,000 apartments, two hotels with a combined 300 rooms and two office towers. The first phase is expected to break ground in the fall, with phase two starting construction by the end of 2017.

When completed, the property is expected to have the highest net operating income out of Kimco’s entire portfolio.

This purchase is part of Kimco’s ongoing plan to reduce its number of joint ventures. The company has also been selling off its Canadian assets to make an all-in play to buy up U.S. retail properties, according to the announcement. During the first quarter of 2016, Kimco sold its interests in seven Canadian shopping centers for $322.9 million. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
Spirit CEO Ted Christie and a rendering of the future Spirit Airlines headquarters 

Spirit Airlines closes on site for new Dania Beach HQ

Spirit Airlines closes on site for new Dania Beach HQ
Rendering of developer Asi Cymbal’s rental project in Dania Beach

Developer Asi Cymbal scores rezoning of property across from Dania Pointe

Developer Asi Cymbal scores rezoning of property across from Dania Pointe
A rendering of the planned headquarters

Spirit Airlines plans to build $250M HQ campus in Dania Beach

Spirit Airlines plans to build $250M HQ campus in Dania Beach
Palm Beach Gardens Plaza (Credit: Taylor Jones | Palm Beach Post)

Kimco sells Palm Beach Gardens shopping center to hotel chain for $16.5M

Kimco sells Palm Beach Gardens shopping center to hotel chain for $16.5M
Developer scores construction loan for dual-branded Marriott hotel at Dania Pointe

Developer scores construction loan for dual-branded Marriott hotel at Dania Pointe

Developer scores construction loan for dual-branded Marriott hotel at Dania Pointe
Integra taps Blanca CRE for Dania Pointe offices

Integra taps Blanca CRE for Dania Pointe offices

Integra taps Blanca CRE for Dania Pointe offices
Meyers Group scores $35M construction loan for Avery Dania Pointe

Meyers Group scores $35M construction loan for Avery Dania Pointe

Meyers Group scores $35M construction loan for Avery Dania Pointe
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...