The seller, an institutional investor, was represented by Miami Beach-based Terranova Corp. chairman Stephen Bittel and associate Scott Rohrbach. "Flagler Park Plaza is as good as it gets in the supermarket-anchored community center category," Bittel says. "It is located in the best of markets, is 99.4% occupied with net operating income of over $5 million, and has contractual annual rent increases of 4% to 5% on many leases."
The property is anchored by a Publix supermarket and includes tenants such as Office Depot, Linens n' Things, JoAnn Fabrics, Michael's, PetSmart, Pep Boys, Big Lots and Walgreens. National credit tenants occupy more than 90% of the property and account for nearly 85% of the total rent. The property was provided to the buyer free and clear of debt.
The seller acquired the property nearly four years ago for $54.3 million in a deal brokered by Terranova. Kimco owns 90 shopping centers in Florida, eight of which are located in Miami.
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