WESTPORT, CT – The Westport office of Goedecke & Co., LLC has arranged $28.5 million
in first mortgage financing for the refinance of Sunshine Plaza, a 236,934 sq.ft. anchored
shopping center located at 4121 West Commercial Boulevard in Tamarac, FL.
The center is anchored by Publix Supermarket, Marshall’s and Old Time Pottery with additional tenants including 24 Hour Fitness, Dollar Tree and Rainbow.
Goedecke Principal Timothy Breda and Vice President Katie Lombardo worked exclusively on behalf of the buyer to secure a long term, fixed rate, non-recourse loan from John Hancock Life Insurance, headquartered in Toronto, Ontario, Canada.
The Borrower is a single purpose entity affiliated with KPR Centers. KPR (fka Katz Properties) is a full service real estate company that invests throughout the East Coast from Maine to Florida, with a focus on high quality grocery anchored centers in primary and secondary markets.
Said Breda, “Sunshine Plaza was purchased by an affiliate of KPR Centers in 2014 with a specific business plan, seeking upside valuation by taking advantage of strengthening market characteristics. KPR executed on their business plan and raised NOI significantly
and therefore value. KPR feels that this is a strong relative value investment given the high
traffic and advantageous demographics which have resulted in high historical occupancy
and above average tenant sales. We are very pleased that a well-known national institutionsuch as John Hancock Life shared KPR’s view on this premise. Once again, KPR has
reaped the benefits of its effort and expertise creating value for its investors and we are happy to have assisted.”
KPR is a real estate investment, development and management company, with offices in Boston, New York, Philadelphia, Hartford, Washington, DC and Boca Raton primarily focused on the acquisition, repositioning, and operation of grocery-anchored shopping centers on the Eastern seaboard.