Riverview is a submarket east of Tampa with access off of Interstate 75. Mimms director of marketing Brad Shoemaker tells GlobeSt.com that the acquisition price was more than $6 million. The company was attracted to the property for acquisition due to its stability and steady income flow, he says. "We have a few projects that we are developing, so we were looking for a steady cash flow," Shoemaker says.
This is Mimms' second acquisition in Florida. In 2007, the company acquired the Publix-anchored Island Park Shopping Center in Fort Myers. Mimms also recently developed and sold a build-to-suit retail property in Jacksonville for American Backyard. In addition to stabilized properties, the company also seeks value-add opportunities. "We've been looking at expanding in the Southeast for sometime," Shoemaker says. "We will continue to seek properties that meet our acquisition criteria. We like properties that are within a day trip for us."
Mimms owns four shopping centers in Tennessee, and numerous properties throughout Georgia. The company's portfolio totals 6.1 million sf with approximately 575 tenants. About 80% of the company's portfolio is retail space, with the majority of the rest industrial space.
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