Kimco Realty acquires Waterford Lakes Town Center in Orlando for $322M

Kimco Realty announced the acquisition of Waterford Lakes Town Center, a 976,000-square-foot signature asset spanning 79 acres in Orlando, Florida for $322M, including the assumption of a $164M mortgage. The property, which is approximately 99% occupied, features a high-quality tenant mix that combines lifestyle and entertainment uses with essential goods and services. Located in Orlando’s upscale West University submarket, Waterford Lakes Town Center sits three miles south of the University of Central Florida, which is the largest university by enrollment in Florida with approximately 70,000 students. The shopping center serves an extensive trade area, with an estimated population of over 228,000 and an average household income of $111,000 within a five-mile radius, and situated in one of the fastest-growing metro areas in the U.S. With the acquisition of Waterford Lakes, Kimco’s total acquisition activity, including structured investments, has surpassed $560M for the year. Accordingly, the company raises total acquisitions & structured investments combined to $565M-$625M or 8.0%-8.25% to $300M-$350M or 7.0% to 8.0%. The company will provide a full update to its 2024 guidance and related assumptions when it reports third-quarter earnings on October 31.