{"id":1004731289,"date":"2024-10-02T05:00:30","date_gmt":"2024-10-02T13:00:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004731289"},"modified":"2024-10-02T06:35:56","modified_gmt":"2024-10-02T14:35:56","slug":"kimco-pays-322m-for-orlando-lifestyle-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-pays-322m-for-orlando-lifestyle-center\/","title":{"rendered":"Kimco Pays $322M for Orlando Lifestyle Center"},"content":{"rendered":"\n<p>Kimco Realty Corp. has purchased Waterford Lakes Town Center, a 976,000-square-foot grocery-anchored lifestyle center in Orlando, Fla., for $322 million. Washington Prime Group sold the signature asset, according to CommercialEdge data.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/kimco-waterford-lakes-town-center-e1727864596512.jpg\"><img decoding=\"async\" data-attachment-id=\"1004731290\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kimco-pays-322m-for-orlando-lifestyle-center\/kimco-waterford-lakes-town-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/kimco-waterford-lakes-town-center-e1727876039555.jpg\" data-orig-size=\"4064,3048\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"kimco-waterford-lakes-town-center\" data-image-description=\"&lt;p&gt;Waterford Lakes Town Center&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Waterford Lakes Town Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/kimco-waterford-lakes-town-center-e1727876039555.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/kimco-waterford-lakes-town-center-e1727864596512.jpg\" alt=\"Aerial Shot of Waterford Lakes Town Center\" class=\"wp-image-1004731290\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Waterford Lakes Town Center attracts around 14 million visitors annually. <em>Image courtesy of Kimco Realty Corp.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The new owner will take on the responsibility of a $164 million mortgage. CommercialEdge data shows that back in 2019, WPG secured a $180 million CMBS loan originated by Bank of America through Wells Fargo Bank, with a 10-year term and a fixed interest rate of 4.86 percent.<\/p>\n\n\n\n<p>Built in 1999, Waterford Lakes Town Center comprises nine buildings across 79 acres. The property has potential for increased revenue as current leases, which have below-market rates, expire. The growing demand for space from high-end retailers could also help the new owner improve the tenant mix and boost long-term rent growth.<\/p>\n\n\n\n<p>At the time of the deal, Waterford Lakes Town Center was 99 percent leased. The retail center boasts a high-quality mix of national and regional retailers such as Super Target, TJ Maxx, Victoria&#8217;s Secret, Ross Dress for Less, Best Buy, Panera Bread, Bath &amp; Body Works, Starbucks, Lululemon, Nike, Shake Shack, Barnes &amp; Noble, Sephora and Ulta Beauty, among others.<\/p>\n\n\n\n<p>Located at 331 North Alafaya Trail, Waterford Lakes Town Center is within Orlando\u2019s West University submarket. The shopping center serves approximately 228,000 individuals within a 50-mile radius, with an average household income of $111,000, according to Kimco. Due to its location in one of the fastest-growing metro areas, the property recorded around 13.6 million annual visits.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/unlocking-the-sun-belts-retail-potential\/\">Unlocking the Sun Belt\u2019s Retail Potential<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>&nbsp;At the beginning of this year, Kimco acquired New York-based RPT Realty in <a href=\"https:\/\/www.commercialsearch.com\/news\/kimco-wraps-up-2b-purchase-of-rpt-realty\/\">an all-stock deal worth $2 billion<\/a>. The acquisition added 56 open-air centers totaling 13.3 million square feet of leasable space, to Kimco\u2019s existing portfolio.<\/p>\n\n\n\n<p>Kimco\u2019s acquisition of Waterford Lakes Town Center brings the company\u2019s total investment for the year to over $560 million. This addition enhances Kimco\u2019s stronghold in the Orlando market, expanding their portfolio to 18 centers with more than 4 million square feet of leasable space as of the end of the second quarter of 2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-orlando-s-steady-retail-demand\">Orlando&#8217;s steady retail demand<\/h2>\n\n\n\n<p>Orlando\u2019s retail demand has been strong due to its growing population and economy. In the second quarter of this year, around 8,784 square feet of new retail space was completed and approximately 913,594 square feet of retail space was under construction, according to a recent Cushman &amp; Wakefield report.<\/p>\n\n\n\n<p>Despite economic challenges and evolving <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail trends<\/a>, the vacancy rate clocked in at 3.4 percent. The average asking rent reached $28.92 per square foot, a 4.8 percent increase from the previous year, the same report shows. Tight market conditions have led to rental rate growth in Orlando that is double the national average.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new owner is eyeing opportunities presented by below-market leases at the property.<\/p>\n","protected":false},"author":3014,"featured_media":1004731290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,1493,21749,32781],"tags":[33250,34368,34071,33215],"class_list":["post-1004731289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-orlando","category-retail","category-southeast","tag-bank-of-america","tag-kimco-realty-corporation","tag-washington-prime-group","tag-wells-fargo-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kimco Pays $322M for Orlando Lifestyle Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Kimco purchased a 976,000-square-foot grocery-anchored center in Orlando, Fla., for $322 million. Washington Prime Group sold the asset.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kimco-pays-322m-for-orlando-lifestyle-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kimco Pays $322M for Orlando Lifestyle Center\" \/>\n<meta property=\"og:description\" content=\"Kimco purchased a 976,000-square-foot grocery-anchored center in Orlando, Fla., for $322 million. 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