Kimco Realty has recently acquired the highly sought-after Waterford Lakes Town Center in Orlando, Florida for a record-breaking price of $322 million. The property spans 79 acres and boasts an impressive 976,000 square feet of retail space. This transaction also includes taking on a mortgage worth $164 million. The previous owner was Washington Property Group.
This purchase marks the highest amount ever paid for a retail center in Orlando this year, solidifying Kimco’s position as a leader in the real estate market.
The center is currently almost fully occupied with an occupancy rate of approximately 99%. It offers visitors and tenants alike with top-notch amenities such as lifestyle and entertainment options alongside essential goods and services. Some notable tenants include TJ Maxx, Ross Dress for Less, Best Buy, Panera Bread,and Bath & Body Works. Recently added to its already impressive lineup are popular brands like Lululemon,Nike Shake Shack Warby Parker Sephora,and Tiger Woods’ PopStroke.
Built back in1999,Kimco sees great potential for growth through significant mark-to-market opportunities due to below-market leases that will expire over the next few years from original anchor tenants who have been there since its inception.
With this acquisition,Kimco’s total investment activity has now surpassed $560 million including structured investments so far this year.This latest addition further strengthens their portfolio as one of the most prominent players withinthe industry.
