KONOVER SOUTH CLOSES RETAIL PORTFOLIO BUY-BACK VALUED AT MORE THAN $100M
DEERFIELD BEACH, FLA. — Deerfield Beach-based Konover South LLC has closed the buy-back of an 883,926-square-foot retail portfolio in Florida from an institutional partner. The portfolio, which includes nine properties that Konover previously developed or redeveloped, is valued at more than $100 million.
In acquiring the former partner’s membership interest, Konover South once again wholly owns the portfolio. The retail assets are all core-plus and value-add properties with anchors such as Publix, Winn-Dixie and T.J. Maxx.
The properties include Admirals Crossing in Jupiter; Governors Crossing in Tallahassee, Inverrary Falls in Lauderhill; Kendall Square and Kendall Square Office in Miami; Plaza at Davie and Point Meadows in Jacksonville; Stuart Centre in Stuart; and Sunrise Plaza in Sunrise.
The acquisition proves Konover South’s commitment to the Florida marketplace, according to David Coppa, chief executive office of the company.
“Konover South has the capital and capacity to perform strategic acquisitions, and with rental rates and leasing activity on the rise, we are aggressively pursuing other deals,” says Coppa.
Konover South will continue to manage and lease the centers.
The Hartford, Conn. regional office of Peoples United Bank provided $75 million of new permanent financing for the transaction.
Konover South is an acquisition, development and management company operating throughout the Southeast and Midwest. The firm is an affiliate of The Simon Konover Co., which was founded in 1959. The Konover organization has developed or acquired more than 150 shopping centers totaling 15 million square feet.
– Brittany Biddy