Kimco to Acquire 24-Property Portfolio for $270 Million

by Nate Hunter

New Hyde Park, N.Y. — The 1.4 million-square-foot portfolio is located throughout Massachusetts, New Jersey and Connecticut.

New Hyde Park, N.Y. — Kimco Realty Corp. has signed a purchase and sale agreement to acquire a 24-property retail portfolio in New England for $270 million. The portfolio includes 17 assets in metro Boston, four other centers in Massachusetts, two grocery-anchored properties in northern New Jersey and one Walmart-anchored shopping center in Danbury, Conn.

“This acquisition is in line with our communicated strategy of focusing on key territories that boast solid demographics and growth potential,” says David Henry, president and CEO of New Hyde Park-based Kimco. “The assets are largely located in the high-barrier-to-entry Boston market with attractive infill locations and a large consumer base.”

The 1.4 million-square-foot portfolio is 96 percent occupied. Anchor tenants include Whole Foods Market, Trader Joe’s, Lowes, Kohl’s, Petco, Pier 1 Imports and Aldi Supermarket.

The transaction, which is expected to close during the first quarter of 2014, includes the assumption of $121.5 million of mortgage debt.

Jim Koury with HFF marketed the portfolio on behalf of the seller, a private, non-institutional owner.

Kimco is a real estate investment trust that focuses on the acquisition, development and management of neighborhood and community shopping centers. As of June 30, the company owned interests in 874 shopping centers totaling 128 million square feet.

You may also like