Konover South Buys 900K SF Retail Portfolio

A South Florida investment property manager has bought a full stake in a large retail portfolio previously owned with a partner.
David Coppa, chief executive of Deerfield Beach-based Konover South, said in a statement Friday that his company bought out an undisclosed institutional partner using a $75 million credit line provided by Bridgeport, Conn.-based People’s United Bank.
The 883,926-square-foot portfolio now fully owned by Konover includes nine commercial properties valued at more than $100 million in South and North Florida.
The portfolio comprises so-called prime-plus retail spaces anchored by tenants like Publix, Winn-Dixie and TJMaxx. Properties in South Florida include Admirals Crossing in Jupiter, Inverrary Falls in Lauderhill, Kendall Square and Kendall Square Office in Miami, Plaza at Davie, Stuart Centre and Sunrise Plaza.
In a statement, Coppa suggested the move could be the beginning of a new acquisition strategy.
“With rental rates and leasing activity on the rise, we are aggressively pursuing other deals,” Coppa said.
 
Source:  DBR