Petco Opens first store in Mexico
San Diego — Petco has opened its first store in Mexico and announced plans for continued expansion in Mexico and Latin America through a joint venture with Grupo Gigante of Mexico.
The companies plan to open as many as 50 Petco stores in Mexico and Latin America by 2020.
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.
Von Maur enters Northeast with its first New York location
Davenport, Iowa — Von Maur Department Stores has opened its first location in the Northeast. The Midwest retailer opened a 140,000-sq.-ft. store at Eastview Mall in Victor, N.Y., which is just outside of Rochester.
"After several years of exploring the market, we’re excited to finally open our doors at Eastview Mall and make our mark in the Northeast," said Jim von Maur, president of Von Maur. "The greater Rochester area is a vibrant community with a strong history of quality retailers. We look forward to building on this local history and providing shoppers with our unparalleled customer service, selection and overall shopping experience we’ve prided ourselves on for more than 140 years."
Anchoring the mall’s southwestern wing in the former Bon Ton location, the store underwent a complete reconstruction to achieve Von Maur’s signature exterior brick facade with arching entryways accented by a copper roof and cupolas. The two-level store features expansive floor plans that accentuate Von Maur’s residential ambiance, complete with antiques, original artwork and music from the store’s grand piano.
An interactive, life-sized tree in children’s is designed to entertain Von Maur’s youngest shoppers while amenities such as an antique pub display piece, motorcycle and television offer enjoyment in the Men’s areas.
Partnering with local contractor LaChase Construction, Von Maur created more than 125 jobs over the course of the reconstruction.