The seller, an institutional investor, was represented by MiamiBeach-based Terranova Corp. chairman Stephen Bittel and associateScott Rohrbach. "Flagler Park Plaza is as good as it gets in thesupermarket-anchored community center category," Bittel says. "Itis located in the best of markets, is 99.4% occupied with netoperating income of over $5 million, and has contractual annualrent increases of 4% to 5% on many leases."

The property is anchored by a Publix supermarket and includestenants such as Office Depot, Linens n' Things, JoAnn Fabrics,Michael's, PetSmart, Pep Boys, Big Lots and Walgreens. Nationalcredit tenants occupy more than 90% of the property and account fornearly 85% of the total rent. The property was provided to thebuyer free and clear of debt.

The seller acquired the property nearly four years ago for $54.3million in a deal brokered by Terranova. Kimco owns 90 shoppingcenters in Florida, eight of which are located in Miami.