For over 50 years, Kennedy Investments has built its business on the philosophy that there are opportunities to make sound, value-driven investments at each turn of the market.

With experience comes vision and Kennedy Investments recognized an opportunity to expand and vertically integrate into the market we know best. As an “asset agnostic,” value-added commercial real estate firm focused on the Tampa Bay market and immediate surrounding area, we currently own and manage a diverse portfolio valued at over $200 million.

Our in-house Fund Management Team uses rigorous investment criteria to identify properties with strong potential cash flow or capital appreciation. Under the direction of our Fund Management Team, our funds often acquire financially distressed or mismanaged properties. Knowing we possess a deep understanding of the regional market; we can leverage our expertise both in property management and leasing capabilities to often provide investors with a return superior to that of stabilized properties. Here is more detailed information about our funds, past, present, and future:

 

KI Florida Fund I

Launched in January 2017, KI Florida Fund I closed subscriptions at $25 million. Since its launch, KI Florida Fund I has invested in 14 different commercial properties and already exited nine of them.

Here is a brief performance snapshot of KI Florida Fund I:

  • NFLA Office, LLC – Sold in Q3 2018 with an ROI of over 50% to Fund I after four and half months.
  • Ocala Logistics Center, LLC – Sold in Q1 2019 with an ROI of 45% to Fund I after just four months.
  • Utopia Farms/Taylor &Fulton – A $1.1M mortgage repaid in Q3 2019 with a 23% IRR to Fund I.
  • KI Hanna Warehouse II – Sold in Q1 2020 for $5,378,000, returning 3.74X and an IRR of 70%.
  • Hamner Outparcel, LLC – Sold in Q2 2020 for $1.39M with an ROI of 102% & 67% IRR over 18 months.
  • Island Suites, LLC – Sold in Q2 2022 for $4.05M, returning 1.63X and an IRR of 33% over 19 Months.
  • KI Celebration – Sold in Q3 2022 for $20M, Land buyout finalized in July 2023, final IRR 21.9%.
  • Laurel Run Ocala LLC – Sold in Q4 2023 for $4,720,000, generating an IRR of 14.42%.
  • Jetton Office LLC – A $2M preferred equity component repaid in Q4 2023 with an ROI of 15%.

 

KI Florida Fund II

Thanks to the successful launch of KI Florida Fund I, we moved forward with KI Florida Fund II, which was launched on July 15, 2019. Since its closing in March 2020, with $18.9 million in capital commitments, KI Florida Fund II has made 11 investments and currently has a 12th investment under contract.

Here is a brief performance snapshot of KI Florida Fund II:

  • Jetton Office LLC – Purchased in August 2020 for $3M cash (in partnership with KIFF I), Jetton has been renovated and improved. It is now 100% leased and cash flowing.
  • KIFF 2 TPA, LLC – Purchased in December 2020 for $14.2M. Located in downtown Tampa, 610 Zack St. has over 210k square feet of office space and .82-acre surface lot adjacent to the building. The building is being renovated and is in the process of leasing up. Frontier continues to lease back 25% of the building and most of the parking. Additionally,  KIFF 2 TPA was recently approved for up to 90,000 sq ft of self-storage. KI is progressing with Phase I of build-out.
  • AGD-KI San Antonio, LLC – This is a 1.24-acre parcel 35 minutes from downtown Tampa purchased in December 2020 for $1.6M.  Starbucks is evaluating the location for development.
  • KCR Port Richey, LLC –In February 2021 KIFFII invested $3.35M in the development of “The Keys at Cotee River”.  This is a 126-unit gated duplex community in Port Richey, FL. Development is complete with most of the units leased.
  • Center Connect Development II, LLC (The Hub at Bexley) – KIFF II invested $600K in the development of a 44K sq. ft. retail site at the entrance of Bexley Ranch.  Bexley Ranch is a master-planned community of 13K homes, 1K apartment units, 1M sq. ft. of proposed commercial development 30 minutes north of downtown Tampa.  The Hub is over 90% leased and performing as projected.
  • Starbucks at the Grove – 1.1-acre parcel purchased in Wesley Chapel, FL in Spring 2022. Developed in partnership with Starbucks, it is cash-flowing and is actively being marketed for sale.
  • North End QOF, LLC– In September 2021, KIFF II invested $1M (in partnership with KIFF I) in the $5.9M acquisition of a .765-acre parcel at 701 E. Cass St. It lies in an Opportunity Zone and is ideal for multi-family development. KI continues to promote the site for development.
  • North End Station, LLC (former Greyhound Bus Station)– Purchased in March 2022 for $3.25M further adding to KI’s commitment to Opportunity Zone redevelopment of the North End of downtown Tampa. Discussion continues with retail, boutique hotel, and fitness facility owners to build out the space.
  • North Port Outparcels – This is a 50/50 joint venture with KI Retail Investors for the purchase of two parcels (one 1.48 acres and the second .91 acres) in December 2022 in North Port, FL. Both lots were purchased for $1.66M. Negotiations continue with a well-known restaurant chain and coffee shop to build out the space.
  • Grizzly Outparcels, LLC – This is another joint venture with KI Retail Investors (44% / 56%) on a 3.8-acre parcel in North Weeki Wachi, FL in July 2024 with almost 600 feet of frontage on US Highway 19. Negotiations continue with two major fast-food chains for development.
  • Weekie Retail, LLC – This is another joint venture with KI Retail Investors (13%/87%). The land was purchased in July 2024 for $200K and is in Hernando County. Negotiations are occurring with a major fast-food chain for a ground lease on one or two retail parcels on this site.

 

KI Florida Fund III

Kennedy Investments is launching its third fund, KI Florida Fund III, in late 2024 with an initial capitalization of $25 million. This open-ended fund will carry on the same philosophy of its predecessors: rigorous due diligence, excellence in oversight and meticulous management to provide our investors with the best possible return. Interested in learning more about participating in this fund? Click here to request a prospectus or get more information.