REAL ESTATE

Tiger Group announces the passing of co-founder

BY Michael Fickes

Boston — Tiger Group has announced the passing of veteran retail executive and company co-founder Stephen Goldberger. The Boston resident passed away on Oct. 18 at the age of 70.

Prior to co-founding the Tiger Group, Goldberger was a principal and managing director of Gordon Brothers Partners, a Boston-based retail advisory firm. Earlier in his career, he served as president and CEO of Hills Department Stores, the discount chain founded by his family. He later served as president and COO of Alexander’ Department Stores and CEO of Gallery of Gifts Shoppes Inc. (d/b/a Kitchens Etc.).

The Tiger Group traces its beginnings to 2001 and today consists of Tiger Capital Group LLC, Tiger Valuation Services LLC, Tiger Remarketing Services and Tiger/Daley-Hodkin, which was acquired in March 2011.

Goldberger earned a Bachelor’s of Arts degree in economics from Brown University and an MBA from Harvard University.

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REAL ESTATE

Petco Opens first store in Mexico

BY Michael Fickes

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.

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REAL ESTATE

Kimco to buy 24 New England properties for $270 million

BY Michael Fickes

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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