Konover South, LLC, on March 7 closed the $9.4 million sale of The Piers in Port Richey, Fla., a former back-fill redevelopment by Konover South including a 65,000sf Burlington Coat Factory and 26,000sf hhgregg adjacent to Gulf View Square Mall on U.S. 19
PORT RICHEY, FLA. (March 10, 2014) – Deerfield Beach-based Konover South, LLC, on March 7 closed the $9.4 million sale of The Piers in Port Richey including a 65,000 square foot Burlington Coat Factory and 26,000 square foot hhgregg adjacent to Gulf View Square Mall on U.S. 19, announced David Coppa, Chief Executive Officer of Konover South. The buyer was Port Richey Partners, LLC, and the HFF Miami office served as the seller’s broker in the transaction. The former back-fill redevelopment by Konover South involved its 2012 purchase of a 100,000 square foot dark box and retrofitting a 91,000 square foot footprint for the two tenants. “As expected,” Coppa added, “these strong national tenants have proven to be great additions to the retail synergy along the U.S. 19 corridor.” The Burlington Coat Factory and hhgregg stores are respectively located at 6401 and 6411 Tacoma Drive which is the ring road of the Gulf View Square Mall anchored by Macy’s, Dillard’s, JCPenney and Sears.
Also, in November 2013, Coppa announced Konover South’s buy-back of a prime 883,926 square foot Florida retail portfolio valued at over $100 million, from an institutional partner, and funded with internal capital. Historically a long-term holder of prime core-plus and value-add retail properties, Coppa stated, “Konover South will continue to hold its portfolio assets though a few will be divested strategically.”
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 David Coppa, CEO of Konover South, “our team 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.
“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.”
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, Conn., 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 55 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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