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.
Full steam ahead for Target’s 33 Canadian store openings in November
Target Canada is on schedule to open 33 additional Canadian store locations spanning across nine provinces, including its first stores in New Brunswick, Prince Edward Island and Newfoundland.
The retailer plans to open 31 stores Nov. 13, and the remaining two Nov. 22. Target will announce additional store openings beyond 2013 at a later date.
Most of the 33 locations will feature a licensed Starbucks, as well as an in-store pharmacy. As previously announced, the majority of stores in Quebec will offer Brunet pharmacies, which are scheduled to open starting in summer 2014.
"The final store openings for this year mark a major milestone in Target’s history," said Tony Fisher, president, Target Canada. "The goal for our Canadian expansion was to open 124 stores across all ten provinces in 2013, and we are proud to say that with the help of more than 20,000 Canadian team members nationwide, we have accomplished this unprecedented undertaking."
ChannelNet appoints new VP of customer support and services
ChannelNet, a customer acquisition, retention and conquest digital services provider, has appointed Molly Smith as VP of customer support and services.
Smith has more than a decade of customer relationship and change management experience and will be responsible for all support of the ChannelNet brand and channel partner programs. These include Saks Fifth Avenue, Benjamin Moore’s retail store website and contractor referral program, Hunter Douglas’ dealer website program, and automotive solutions for Hyundai, Kia, VW, Audi, BMW, Ally and numerous other digital programs. In her new role, Molly is charged with partnering with the brands to institutionalize changes across their organization and sales channels.
“As the VP of customer support and services, Molly is charged with generating leads and walk-in traffic for companies that operate in a multichannel sales model; taking on additional responsibility for our clients and their channel partners’ program successes, a rapidly growing and increasingly important aspect of our business,” said Paula Tompkins, CEO and founder of ChannelNet. “She is an expert at evaluating and designing marketing campaigns and processes to ensure both the field organizations and the sales channels have the support they need.”
Smith was most recently the director of ChannelNet’s eBusiness Support Center. She retains responsibility for the eBusiness Support Center, a team responsible for a wide range of support needs such as marketing program enrollment, program compliance monitoring, search engine optimization, vanity domain optimization, social media, email marketing campaigns, inbound problem resolution and outbound communications including phone and email support, help desk and support services such as training, content management, asset creation, user guides, trade show support, copywriting, reporting, and technical trouble shooting.
“Ensuring that brands and their sales channels are synchronized is a critically important part of a multichannel marketing strategy,” said Smith. “My goal is to provide a high-touch level of support for all 15,000 websites we administer to ensure our client’s and their sales channel partners are successful.”
Her previous experience includes frontline support, training, and leadership positions with several automotive suppliers, including EDS.