JLL Capital Markets completes recapitalization for portfolio of six Publix-anchored retail centers in South Florida and Atlanta

 

Kim Flores

 MIAMI, FL – JLL Capital Markets has completed the recapitalization of a portfolio of six dominant Publix-anchored shopping centers totaling 1.22 million square feet in South Florida and Atlanta, Georgia.

Pembroke Commons, 
600 North University Drive,
  Pembroke Pines, FL

 JLL marketed the portfolio on behalf of the ownership, a joint venture between Jamestown and Weingarten Realty Investors, who merged with Kimco Realty Corp. in August 2021.

Kimco Realty Corp. (NYSE: KIM) acquired a 70 percent interest in the assets and has since entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. (BREIT), where upon closing, Kimco will own 50 percent of the portfolio and BREIT will own the remaining 50 percent interest.

Northridge Shopping Center, 1002 East Commercial Boulevard,  Oakland Park (Fort Lauderdale MSA), FL

 Every asset in the portfolio is anchored by Publix.

The assets include five properties in South Florida, Flamingo Pines Shopping Center at 12550 Pines Blvd. and Pembroke Commons at 600 N. University Dr. in Pembroke Pines;

 Hollywood Hills Plaza I and II at 3251 Hollywood Blvd. in Hollywood; Northridge Shopping Center at 1002 E. Commercial Blvd. in Oakland Park (Fort Lauderdale MSA); and Tamiami Trail Shops at 13850 SW 8th St. in Miami.

 The portfolio also includes Publix at Princeton Lakes at 3730 Carmia Dr. SW in Atlanta.

Danny Finkle

The JLL Capital Markets team that represented the seller was led by Senior Managing Director and co-head of JLL’s Retail Capital Markets team Danny Finkle, Senior Managing Director Jim Hamilton, Senior Directors Eric Williams and Brad Buchanan, Vice President Kim Flores and Associate Andrew Michols.

 “A collection of grocery-anchored assets of this scale and quality has not been offered in South Florida in more than 15 years,” Finkle said.

“This was truly a generational opportunity for Kimco to increase their scale in two of the top-performing and high barrier-to-entry retail markets in the U.S. by increasing their ownership stake in this high-quality portfolio.”

Jim Hamilton

Robust population and employment growth, along with a significant amount of corporate relocations, are currently fueling South Florida commercial real estate market fundamentals.

 Additionally, Atlanta is the third fastest-growing metro area in the U.S. and is projected to grow 5.6 percent over the next four years.

 “The consistent population growth and influx of new residents to the southeast is rapidly densifying the consumer base,” Williams added.

“This, coupled with historically low new retail deliveries, is driving demand for grocery-anchored retail, which remains a compelling investment for attractive risk adjusted returns relative to other asset classes.”

 Eric Williams 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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