PALM BEACH, FL—Konover South just closed the buy-back of an 883,926-square-foot Florida retail portfolio worth more than $100 million. Funded with internal capital, Konover grabbed the interest in the portfolio that it didn't already own from an institutional partner.

The Hartford, Conn., regional office of Peoples United Bank provided $75 million of new permanent financing for the transaction. Konover originally developed or redeveloped all nine properties in the portfolio. The company will continue to be manage and lease the assets.

Consisting of prime core-plus and value-add properties with anchors such as Publix, Winn-Dixie and TJ 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, Point Meadows in Jacksonville, Stuart Centre, and Sunrise Plaza. According to David Coppa, CEO of Konover, the buy-back underscores the company's commitment to the Florida marketplace.

“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 David Coppa, CEO of Konover. Recently ranked as the 4th largest South Florida-based Retail Owner and Manager according to Retail Traffic magazine, Konover South owns and manages 15 Florida and Michigan shopping centers totaling nearly two million square feet.