OAKLAND PARK, FL January 14, 2004 – Nassimi Realty, Inc. has announced that it has completed the purchase of a 133,000 square foot shopping center located on North Andrews Avenue in downtown Oakland Park. Called Oakland Park Festival Centre, the strip center is located in Broward County, five miles north of Fort Lauderdale, and just five minutes from the I-95.
Oakland Park Festival Centre was built in 1966 and underwent a major renovation in 1992. Anchor tenants in the center include Winn-Dixie, Dollar General, Auto Zone and a U.S. Post Office. The center is currently 90% leased, with about 14,000 sq.ft. of space available.
Nassimi Realty acquired the shopping center from KPT Communities, LLC, an affiliate of Kimco Realty Corp., one of the nations largest real estate investment trust companies. Financing for the purchase was handled by the Los Angeles office of CDC Mortgage Capital Inc. who provided a $6.48 million mortgage.
Commenting on the acquisition, Nassimi Realty president, Mike Nassimi said, "Oakland Park Festival Centre is in a prime location with strong shopper demographics. The Centre is the cornerstone of our plans to expand our portfolio to growing markets nationwide. We are pleased to make this property a part of our growing portfolio and are looking forward to adding additional Florida properties in the near future."
Nassimi Realty is a privately held diversified investment and development company with holdings that include shopping centers in suburban Philadelphia and New Jersey; office buildings in New York City, New Jersey and Cleveland; industrial properties, and residential developments