New York’s Kimco Realty Group Under Contract to Buy Charlotte’s Quail Corners Shopping Center for $31.7 Million

by Nate Hunter

Charlotte, N.C. – At the end of 2013, Kimco owned interests in 852 shopping centers totaling more than 125 million square feet.

Charlotte, N.C.  – Kimco Realty Group will purchase the newly redeveloped Quail Corners shopping center in South Charlotte for $31.75 million, according to the Charlotte Business Journal. Located at the corner of Park Road and Sharon Road West, the 113,000-square-foot shopping center is anchored by a Harris Teeter grocery store.

Kimco already owns six retail centers totaling approximately 720,526 square feet in the Charlotte metro area, and recently purchased the Crossroads Plaza center in Cary. According to David Bulnicki, vice president of investor relations and corporate communications, Kimco has noticed a vibrant market in the past 24 months and will continue to focus on community shopping centers, especially grocery and power centers.

CEO Dave Henry said in a recent earnings conference call, according to the Business Journal, “We like North Carolina long-term. We like the demographics, we like the prognosis. Both Raleigh and Charlotte are dynamic, good markets. And the truth is, we can get a little bit higher yield in those markets than we can other places.”

— Scott Reid



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