Kimco Realty, one of the largest owners of grocery-anchored retail centres in the United States, has expanded its presence in Broward County with the acquisition of two additional properties. The transaction with KPR Centers totalled $109 million.
Details of the Acquisitions
The larger of the two transactions involved the acquisition of Sunshine Plaza, a 245,744 square-foot property. Kimco Realty, a Real Estate Investment Trust (REIT) based in Jericho, N.Y., paid $56 million for this asset, located between 4017 and 4299 West Commercial Boulevard in Tamarac, east of Florida’s Turnpike. The shopping centre spans approximately 19 acres and is frequented by Publix and Marshalls as anchor tenants. Other tenants include Crunch Fitness, Krispy Kreme and Subway. KPR Centers had acquired Sunshine Plaza in 2014 for $28.5 million.
The second acquisition concerned Pompano Marketplace, for which Kimco Realty paid $53 million. This property comprises 254,749 square feet and is located at 1115 and 1117 South Federal Highway. This property also extends over approximately 19 acres and is anchored by a Walmart Neighbourhood Market. The tenant portfolio also includes Ross Dress for Less, Carrabba’s Italian Grill and TD Bank. KPR Centers had acquired Pompano Marketplace in 2015 for $46.8 million.
Strategic Expansion in South Florida
With these latest acquisitions, Kimco Realty now owns 589 properties nationwide, 44 of which are in South Florida. This underscores the strategic importance of the region for the company. In one of the largest retail transactions in South Florida in recent years, the REIT acquired The Shops at Mary Brickell Village in Miami for $216 million in 2022. These investments demonstrate Kimco Realty’s ongoing commitment to expanding its portfolio of attractive retail properties in growing markets.
Representatives for Kimco Realty and KPR Centers did not immediately respond to requests for comment.
