Kim Spends $300M on Broward Retail

City of Hollywood

MIAMI— Kimco Realty just snapped up the remaining 45% ownership interest in Oakwood Plaza shopping center and the Dania Pointe development project. The sale price: $299.2 million, which includes the assumption of a $100 million mortgage loan. Canada Pension Plan Investment Board sold the assets. Located in Hollywood, FL, Oakwood Plaza and Dania Pointe are neighboring properties that sit along a heavily trafficked section of Interstate 95. Over 260,000 cars pass by every day. The commercial real estate assets are also close to the Fort Lauderdale-Hollywood International Airport with its 24.6 million annual passengers and Port Everglades international cruise port with its 3.8 million annual passengers. Oakwood Plaza is a 100% occupied, 900,000-square-foot open-air center that’s home to national tenants including Home Depot, Marshalls, HomeGoods, Ross Stores, Michaels, PetSmart, BJ’s and Regal Cinemas. Oakwood Plaza was $215.0 million including the assumption of $100.0 million of mortgage debt. Dania Pointe is a mixed-use, ground-up development project that will include about 900,000 square feet of retail stores and restaurants,1,000 luxury apartments, two hotels totaling 300 rooms and two office towers. Phase I will be a traditional 318,000-square-foot open-air power center with construction expected to begin in the fall of 2016. Phase II will be a lifestyle center featuring 575,000 square feet of main-street r etail , residential towers and office buildings. Construction for Phase II is scheduled to start at the end of 2017. The Dania Pointe project will benefit from the estimated daytime population in excess of 1 million people within a 15-minute drive time. The deal reflects Kimco’s 2020 Vision of owning large, high-quality assets in major metro markets in the US while continuing to reduce its joint venture portfolio. Oakwood Plaza ranks second in Kimco’s Top 10 assets based on net operating income (NOI). When completed, Dania Point will be the company’s highest NOI producing property. Brossard r etail is seeing plenty of attention. In January, Palm Plaza, a 74,575-square-foot shopping center in Pompano Beach, FL and Oakbrook Plaza, a 66,103-square-foot shopping center in Lauderhill, FL have traded hands. The retail assets sold for a collective $14.224 million. Specifically, Palm Plaza sold for $7.5 million . Oakbrook Plaza sold for $6.725. “These transactions are indicative of the surge in investor interest for multi-tenant properties in Broward County,” says Douglas K. Mandel , a senior vice president investments in Marcus & Millichap ‘s Fort Lauderdale office. “The heightened competition for quality assets has pushed buyers to consider centers outside the city of Fort Lauderdale. Both of these properties are centrally located, well-maintained and stabilized.” Indeed, Broward retail is on a roll. Read the story of one shopping center in Broward that’s filling up fast .