The acquisition targets have not yet been identified, Greg Combs, Konover South's president, tells GlobeSt.com. "We're in the market now, looking for properties." All will be in Florida, he says.
So will all of the development projects. Without disclosing specific locations, Combs says four sites are under contract in Central and South Florida. All will be ground-up developments in a mix of grocery-anchored and power center formats. The total developable aggregate is 600,000 sf, he says, adding that grocery-anchored properties are typically between 75,000 and 110,000 sf, and power centers generally range from 200,000 sf of 300,000 sf.
The company is actively marketing space for those locations, but has no firm tenant agreements. Combs says the first groundbreaking will probably occur in early 2008.
The company has approximately 11 retail properties throughout Florida and others in the Southeast. "With an institutional capital source advised by Heitman, our JV equity partner," Combs says, "we have a new platform for growth and the opportunity to accelerate our business plan and move more quickly on acquisition and development opportunities."
New York City-based DTZ Rockwood and Sydell Partners arranged the JV partnership on Konover South's behalf. "Positive economic and demographic factors are driving strong real estate fundamentals in Florida and the Southeast," says Dan McNulty, co-CEO of DTZ Rockwood, an affiliate of London-based DTZ, in a statement.
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