The Simon Konover Company News
Konover South closes buy-back of retail portfolio valued at over $100 million
Deerfield Beach-based Konover South, LLC, on November 21 closed the buy-back of a prime 883,926sf Florida retail portfolio valued at over $100 million from an institutional partner, funded with internal capital, announced David Coppa, Chief Executive Officer of Konover South. In acquiring the former partner’s membership interest, Konover South again wholly owns a portfolio of nine retail properties in south Florida and north Florida previously developed or redeveloped by Konover South.
The Hartford, Conn., regional office of Peoples United Bank provided $75 million of new permanent financing for the transaction. Consisting of prime core-plus and value-add properties with anchors such as Publix, Winn-Dixie and TJ Maxx, the properties include Admirals Crossing in Jupiter, Governors Crossing in Tallahassee, Inverrary Falls in Lauderhill, Kendall Square and Kendall Square Office in Miami, Plaza at Davie, Point Meadows in Jacksonville, Stuart Centre, and Sunrise Plaza. Coppa added that the buy-back underscores Konover South’s commitment to the Florida marketplace, and that the properties will continue to be managed and leased by Konover South.
Elaborating, Coppa added “Konover South has the capital and capacity to perform strategic acquisitions, and with rental rates and leasing activity on the rise, we are aggressively pursuing other deals.”
As a developer, manager and marketer of retail centers since 1959, the Konover organization has developed or acquired over 150 shopping centers totaling 15 million square feet. “Today,” says Coppa, “our team also offers our unique at-risk ownership perspective for fee development as well as third-party leasing and management services, resulting in major successes for Konover South and the owners we serve.” Recently ranked as the 4th largest South Florida-based Retail Owner and Manager according to Retail Traffic magazine, Konover South owns and manages 15 Florida and Michigan shopping centers totaling nearly two million square feet.
Konover South, LLC, is a fully integrated acquisition, development and management company operating throughout the southeastern and midwestern United States. The company is an affiliate of The Simon Konover Company, West Hartford, CT, which was founded by legendary developer and philanthropist Simon Konover in 1959.
The Simon Konover Company is a full-service real estate organization providing superior service and expertise to Konover-related entitles, as well as third-party owners and investors. Through its diverse operating companies, the Konover organization serves many market segments including office, mixed-use, retail, multifamily, hotel, industrial, and specialty properties. In addition to retail space, the company has developed or acquired over 2.7 million square feet of office and industrial properties, as well as approximately 15,000 apartments in over 55 communities, and operates 8 hotels totaling approximately 1,000 rooms.
It’s not often that a multi-faceted real estate company builds a reputation for success, integrity and innovation that’s recognized throughout the industry, but that’s exactly what Simon Konover has accomplished over the past 54 years with The Simon Konover Companies. As a result, this commitment to excellence and fair business practices has also become the hallmark of affiliate Konover South, LLC.
Konover South, LLC, is headquartered at 431 Fairway Drive, Deerfield Beach, Fla. Visit the company’s website at www.konoversouth.com.
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