CBRE Facilitates Kimco’s Sale of Florida Retail Center to Dacar Management
Fort Lauderdale, FL – February 28, 2012 – (RealEstateRama) — CBRE announced today the sale of Reef Plaza, a 112,500-square-foot shopping center, to Dacar Management, LLC for $11.2 million. CBRE represented Kimco Realty Corp., a real estate investment trust (REIT) that owns and operates North America’s largest portfolio of neighborhood and community shopping centers, in the sale of Reef Plaza. David Donnellan and Todd Weintraub of CBRE’s Private Capital Group partnered with Dennis Carson of the National Retail Investment Group to provide exclusive representation to Kimco in the transaction.
“The sale of Reef Plaza supports Kimco’s program of divesting tactically non-strategic assets from their portfolio, and we are pleased to have been able to facilitate this transaction with Dacar on their behalf,” said David Donnellan, First Vice President with CBRE’s Private Capital Group.
Located on a 10.4-acre parcel at 3200 N State Road 7 in Lauderdale Lakes, Reef Plaza is situated at the northeast corner of Oakland Park Boulevard and State Road 7. The center was built in 1968 and renovated in 1997 and 2003. At the time of sale closing, Reef Plaza was 89 percent occupied, and anchored by a Save-A-Lot grocery store, as well as Goodwill and Family Dollar. Among others, national tenants included Payless ShoeSource, KFC, GNC, Casual Male and Quest Communications.
Kimco Realty Corp., a publicly traded REIT based in New York and member of the S&P 500, owns and operates 946 shopping centers in the U.S., Puerto Rico, Canada, Mexico and South America.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
