Boca Raton-based Kin Properties has more than $300 million in capital available to buy second-generation retail and industrial properties, is drawn to Greater Orlando's stable growth, and can escrow an entire purchase price if necessary, a lead executive with the company told GrowthSpotter.
Despite its portfolio of more than 30 million square feet across 750-plus properties nationwide, the privately held commercial real estate investment company often flies under the radar. That's because the Sandelman and Schreier families which own it, now in their third generation leading the company, typically avoid the media limelight.
Kin Properties favors holding properties long-term, with some assets redeveloped multiple times over decades. They're Kmart's largest landlord, and favor free-standing single tenant retail and industrial properties, along with multi-tenant power centers.
Kin Properties wants those ideal assets, like every buyer today. But it's positioned to win favor as an all-cash buyer which can close in 15 days or less, flush with the cash to escrow as much as a seller needs, said Max Bulbin, senior manager of development and leasing, from the floor of ICSC Florida Conference & Deal Making on Monday.
"We've had a snowball of capital build now because we're seeking value-add, second generation buildings, and we don't have to place capital by a deadline because we don't have shareholders," he said. "It's a challenge now to find those deals due to low interest rates and high market prices."
The company has around 30 assets in the Greater Orlando market, said Beth Calay, assistant asset manager, and has prioritized the market as a target for acquisitions.
The company will buy a range of single-tenant commercial property types, as well as land subject to a ground lease that underlies any kind of developed property.
As long-term investors, Kin will consider properties of all sizes with the aim to hold through the end of existing leases, Bulbin said. They prefer those with an existing lease to a credit tenant, with rent paid at or below current market levels for the location and property type.