Fowler Distribution Center
Fowler Distribution Center (Fowler DC) was a 380,000 square foot warehouse property located in Tampa, Florida. When the property was purchased it had approximately $200,000 worth of deferred maintenance and was 40% vacant. The property was held for four years until 2007 and resulted in relatively stable cash flows and a 38% internal rate of return (IRR) for investors.
Bloomingdale Woods Apartments
Bloomingdale Woods Apartments was a 224 unit apartment complex located in Valrico, Florida. This property was purchased in December of 1992 as a long term investment and performed well through its sale in 2006. Cash flow was relatively stable with the exception of 2000 when major repairs were funded out of cash flow. The property was held for 14 years and resulted in relatively stable cash flows and a 28.1% internal rate of return (IRR) for investors.
NDM Self-Storage
North Dale Mabry Self-Storage was a newly constructed 70,000 square foot self-storage facility located in Tampa, Florida. Kennedy Investment’s strategy for this asset was to develop a vacant parcel of land and hold the improved property as a long term investment. The land was purchased in January of 2001, rezoned and developed into a self-storage facility that was completed in May of 2002. The property was held for 6 years and resulted in a 20.6% internal rate of return (IRR) for investors. This included the first three years when the property was being rezoned, constructed and then leased.
Kennedy Investments has a long history of investing in and developing real estate, not all of which were open to outside investors . Below is a brief summary of all of Kennedy Investment’s previous commerical real estate deals that were not open to outside investors.
Retail Development
– Winn Dixie Store, Winter Haven, FL – 46,000 sq. ft.
– Winn Dixie Store, Haines City, FL – 46,000 sq. ft.
– Winn Dixie Store, Tampa, FL – 60,000 sq. ft.
– Winn Dixie Store, New Port Richey, FL – 46,000 sq. ft.
– Winn Dixie Store, Palm Harbor, FL – 60,000 sq. ft.
– Walgreens Drug Store, Palm Harbor, FL – 15,000 sq. ft.
– Books-A-Million, Palm Harbor, FL – 20,000 sq. ft.
– Hollywood Video, Plus Local Retail, Palm Harbor, FL – 13,000 sq. ft.
– Brandon Parkway, Local Retail, Tampa, FL – 31,000 sq. ft.
– Pinellas Crossroads, Local Retail, Tampa, FL – 13,000 sq. ft.
– North Tampa Shores Center, Local Retail, Oldsmar, FL – 30,000 sq. ft.
Land Development
– Double Branch & SR 580, Tampa, FL – 80 acres multi family & retail, Sale to Fairfield Development
– Florida & Fowler, Tampa, FL – 1.5 acres, Sale to Ugly Duckling
– Bloomingdale & Duncan, Brandon, FL – 2.0 acres, Sale to Race Track Petroleum, Inc.
– Lutz Lake Fern Road, Tampa, FL – 350 acres, Sale to Westfield Homes
– Gulf to Bay Blvd., Clearwater, FL – 2.5 acres, Sale to Bayrock Development for Exxon Convenience Store
– Palm Harbor, FL – Kentucky Fried Chicken Site, Leased to Kentucky Fried Chicken of California, Inc.
– Seminole, FL – 15 lot subdivision, Sold to individual purchasers
– Waters/Sheldon, Tampa, FL – 11 acres, Site development of four parcels – Wendy’s, Gas & Go.
– 56th/Fletcher, Tampa, FL – 9 acres, Site for office development and self-storage
– Brandon – 15 acres retail site development
– North Tampa Shores Center – 13 acres, 5 acres of retail development (see above) and 8 acres of site development for hotel project
Apartments – Purchase and Manage
– Wedgewood Apartments, Tampa, FL – 236 units
Office – Purchase and Manage
– 1300 Westshore Building, Tampa, FL – 36,000 sq. ft.
– Crossroads Business Center, Winter Park, FL – 80,000 sq. ft.
– Linebaugh Business Center, Tampa, FL – 12,000 sq. ft.
– Southbay Building, Tampa, FL – 6,500 sq. ft.
Warehouse Properties – Purchase and Manage
– Ben Center Warehouse, Tampa, FL – 14,000 sq. ft.
– Midway Warehouse, Jacksonville, FL – 20,000 sq. ft.
Warehouse Properties – Development/Ownership
– Southgate Warehouse, Jacksonville, FL – 96,000 sq. ft.
– NDM Storage, Lutz, FL – 70,000 sq. ft. (self-storage)
– Kauffman Tire Warehouse, Jacksonville, FL – 40,000 sq. ft.
– Southpark Warehouse, Jacksonville, FL – 55,000 sq. ft.
– Lonestar Building, Jacksonville, FL – 40,000 sq. ft.
– Cross Bayou Business Center, Pinellas Park, FL – 168,000 sq. ft.