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Konover South Shops for $350M in FL Retail

BOCA RATON, FL-Heitman pension funds provide the developer with $200 million to buy and another $150 million to develop grocery-anchored and power centers.

By Marita Thomas | Updated on May 03, 2007

BOCA RATON, FL-Konover South has formed joint ventures with unidentified pension funds advised by Chicago-based Heitman to finance $350 million in additional retail assets in Florida. With a $200-million fund, locally based Konover South will buy stabilized grocery-anchored shopping centers and power centers, and it will develop or redevelop such properties with a second $150-million fund.

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.

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