MIAMI-Terranova is showing off its investing skills with its latest disposition. Its Flagler Retail Associates affiliate just sold Parkhill Plaza Shopping for $25.45 million, or $226.38 per square foot. Flagler saw a $19.4 million profit on the sale.

A subsidiary of Kimco Realty bought the 112,424 square foot center at 9501 W. Flagler St. Flagler acquired the asset in 2001 for $6.1 million, according to Flagler Retail president Stephen Bittel. Bittel and Ryan Grindler of Terranova teamed with CB Richard Ellis vice presidents Dennis Carson and Casey Rosen to represent Flagler.

“Parkhill Plaza is an example of Terranova’s exceptional ability to add value to a retail property,” Bittel said in a statement. “The center is in a great location at a great intersection. We added value every year of our ownership, generating investor returns over 10 times the original levered investment.”

Terranova had managed and leased the property since 2001, increasing value with the addition of tenants such as Dollar Tree, JP Morgan Chase, Wendy’s, Cici’s Pizza, Supercuts, Aaron’s Rental Furniture and FreshBerry Frozen Yogurt. Anchored by Winn Dixie, the center is 98% occupied.

Anthony Blanco, managing partner of Plaza Advisors, tells GlobeSt.com Parkhill Plaza is one of South Florida's best Winn-Dixie anchored shopping centers. The property benefits from a very dense trade area and has had a history of high occupancy rates and rising rents.

“Kimco Realty, who already owns the exceptional Flagler Park Plaza down the street, clearly recognized the unique opportunity to own two substantial assets in one of Miami's best retail markets,” Blanco says. “Kimco has been very active in their acquisition efforts over the past 18 months, while at the same time, selectively disposing of non-strategic properties. I fully expect Parkhill Plaza to continue to perform very well under Kimco Realty's management.”