FORT PIERCE, FL-The Morris Co. of Rutherford, NJ has acquired the 210,460-sf Kmart Plaza for $10.96 million. The $52.07-per-sf price is below estimated replacement costs of about $75 per sf in this oceanfront market, area retail brokers tell GlobeSt.com.
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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