Kimco Realty Corp. has bought out the remaining 45 percent interest from its partner, Canada Pension Plan Investment Board, in two Florida schemes. The sale price breaks down to a gross price of $299.2 million, including the assumption of $100.0 million of mortgage debt. The first property, located in Hollywood, is for the Oakwood Plaza, a fully-occupied, 900,000 sqf open-air center featuring national tenants Home Depot, Marshalls, HomeGoods, Ross Stores, Michaels, PetSmart, BJ’s and Regal Cinemas. The gross purchase price for Oakwood Plaza was $215 million including the assumption of $100.0 million of mortgage debt.
The second transaction, also located in Hollywood, is for the mixed-use development Dania Pointe. Plans for the ground up project call for approximately 900,000 square feet of retail stores and restaurants, 1,000 luxury apartments, two hotels totaling 300 rooms and two office towers. Phase I is expected to kick off in the fall and feature a traditional 318,000-square-foot open-air power center. Phase II, scheduled to start at the end of 2017, will encompass 575,000 sqf of main-street retail, residential towers and office buildings.
