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Renowned Orlando Retail Center Sells for $322M
Kimco Realty acquired Waterford Lakes Town Center, a 976,000-square-foot signature asset spanning 79 acres in Orlando, Florida, for $322 million. The transaction includes the assumption of a $164 million mortgage. The seller was Washington Property Group. The sales price was by far the highest amount paid for a retail center in Orlando this year.
The property, which is approximately 99% occupied, features a high-quality tenant mix that combines lifestyle and entertainment uses with essential goods and services. Tenants include TJ Maxx, Ross Dress for Less, Best Buy, Panera Bread, and Bath & Body Works. Recent additions include Lululemon, Nike, Shake Shack, Warby Parker, Sephora, and Tiger Woods’ PopStroke.
Constructed in 1999, Kimco says the center presents significant mark-to-market opportunities from below-market in-place leases, with several original anchor tenants set to expire over the coming years.
With the acquisition of Waterford Lakes, Kimco’s total acquisition activity, including structured investments, has surpassed $560 million for the year.
