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Kimco to buy 24 New England properties for $270 million | Chain Store Age
Kimco to buy 24 New England properties for $270 million New Hyde Park, N.Y. — Kimco Realty Corp. has announced a purchase and sale agreement to acquire a 24-property retail portfolio in New England for $270 million, which includes the assumption of $121.5 million of mortgage debt. The 1.4-million-sq.-ft. portfolio is 96% occupied. It includes 17 properties in the Boston metropolitan market. Anchor tenants include Whole Foods, Trader Joe’s, Lowes, Kohl’s, Petco, Pier 1 Imports, Aldi Supermarket, CVS and Walgreens. The portfolio includes four other Massachusetts shopping centers, three of which are near Cape Cod. Two more high volume centers anchored by Kings Supermarket are in northern New Jersey close to New York City. Finally, there is one Wal-Mart-anchored center in Danbury, Conn. “This acquisition is in line with our communicated strategy of focusing on key territories which boast solid demographics and growth potential, said David Henry, Kimco’s president and CEO, adding, “The assets are largely located in the high barrier to entry Boston market with attractive infill locations and a large consumer base.” The portfolio features a diverse tenant mix that fits Kimco’s focus on grocery, necessity-based and discount retail anchored by strong brands. Anchor tenants comprise 81% of base rents. Closing is subject to customary conditions, including lender approvals. Kimco expects the transaction to be completed during first quarter 2014.
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