Private New Jersey Group Takes Kmart Plaza for $10M

FORT PIERCE, FL-The Morris Co. of Rutherford, NJ pays Kimco University Co. Ltd. $52.07 per sf for the 210,460-sf Kmart Plaza at the northwest corner of US 1 and Virginia Avenue. The seller is affiliated with New Hyde Park, NY-based Kimco Realty Corp.

By Alex Finkelstein | January 13, 2006 at 09:49 AM

The seller was Kimco University Co. Ltd., an affiliated of New Hyde Park, NY-based Kimco Realty Corp. The property is two miles south of Downtown Fort Pierce is anchored by an 88,732-sf Kmart discount department store and a 44,198-sf Winn-Dixie Supermarket. The shopping center is at the northwest corner of US 1 and Virginia Avenue.

The Morris Co. is a private investment group. Blackrock Retail Advisors of Miami brokered the transaction.

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