DANIA BEACH, FL—Kimco Realty Corp. has completed the sale to Spirit Airlines of approximately nine acres of land at its Dania Pointe mixed-use project here. Spirit Airlines previously announced plans to develop a new global headquarters, investing up to $250 million for the creation of a corporate campus that will support more than 1,000 employees in up to 500,000 square feet of space.

The airline has also executed a ground lease for an additional land parcel for the construction of a Spirit corporate training residence. Construction of the headquarters is expected to begin in 2021, with an anticipated transfer of employees in mid-2022.

"Spirit Airlines' decision to move its global headquarters to Dania Pointe solidifies this location as the premier live, work, play destination in the Greater Fort Lauderdale area," said Conor Flynn, Kimco's CEO.

Kimco also recently signed leases with lifestyle brands Urban Outfitters and Anthropologie, both slated to open at Dania Pointe in 2020 as part of the retail component of Phases II and III, now approximately 69% pre-leased.

Phases II and III will include the Spirit Airlines headquarters, an additional 417,000 square feet of mixed-use retail, dining and entertainment, along with ground leases for two Marriott hotels and 850 residential apartment units, of which the first 264 are now under construction. Additional Phase II and III tenants include Bowlero, Lucky Brand Jeans, Tommy Bahama, Cooper's Hawk Winery & Restaurant, Firebirds Wood Fired Grill, Foot Locker, Lindbergh, Regal Cinema, Saito Japanese Steakhouse, and more. Phase II and III tenant openings began in the fourth quarter of this year and will continue through 2020.

Phase I of the 102-acre Dania Pointe development opened in November of 2018, and consists of approximately 330,000 square feet of retail, now 96% leased to brands including TJ Maxx, Hobby Lobby, Ulta Beauty, BrandsMart, Five Below, Shoe Carnival, Starbucks, and YouFit Health Club.

Dania Pointe's location spans two exits and 1,600 feet of frontage along I-95, where traffic counts reach nearly 300,000 cars per day. Dania Pointe sits adjacent to Kimco's Oakwood Plaza, an 899,000-square-foot open-air center anchored by Home Depot, BJs Wholesale, Burlington, Marshall's, HomeGoods, and dozens of other national retailers.

Kimco will soon announce its fourth quarter earnings. During the third quarter, the company sold eight properties and two land parcels totaling 1 million square feet for $166.7 million. Kimco's share of the sales was $70.9 million. Through the third quarter, the company's sales included 20 properties and three land parcels, totaling 3.0 million square feet, for a gross sales price of $392.8 million. Also, during 2019 Kimco acquired three grocery-anchored parcels at its existing properties through a sale-leaseback transaction for $31.2 million.

Instant Insights /

Kimco Realty Closes Land Sale to Spirit Airlines

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