Kimco Realty Acquires Remaining Interest in Four-Property Retail Portfolio for $170.7M
NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has bought out its joint venture partners in a four-property retail portfolio, purchasing the remaining 85 percent interest for $170.7 million.
The acquisition included the assumption of $103 million in mortgage debt, $26 million of which was prepaid by the company. The joint venture partners that sold their interest were undisclosed.
The portfolio includes Perimeter Expo, a 175,835-square-foot shopping center in the Atlanta suburb of Dunwoody, Ga.; Cranberry Commons, a 166,495-square-foot shopping center in the Pittsburgh suburb of Cranberry Township, Pa.; Cypress Towne Center, a 279,210-square-foot shopping center in Houston; and Doc Stone Commons, a 101,042-square-foot shopping center in Stafford, Va., approximately 50 miles southwest of Washington, D.C.
Portfolio tenants include Nordstrom Rack, Marshalls, Old Navy and Newk’s Eatery at Perimeter Expo; TJ Maxx, Lane Bryant, PetSmart and Starbucks Coffee at Cranberry Commons; Michaels, Best Buy, TJ Maxx and Bed Bath & Beyond at Cypress Towne Center; and Petco, Giant Food, Staples and Subway at Doc Stone Commons.
In a separate transaction, Kimco recently acquired Kentlands Market Square, a 251,000-square-foot, open-air shopping center located in the Washington, D.C., suburb of Gaithersburg, Md., for $95 million. Whole Foods Market anchors the property, which is also home to tenants including PetSmart, Michaels and Starbucks Coffee.
Kimco is a REIT based in New Hyde Park that invests primarily in open-air shopping centers. The company claims it’s the largest publicly traded owner and operator of open-air centers in the U.S., with 537 shopping centers comprising 86 million square feet of leasable space across 36 states and Puerto Rico as of June 30.
Kimco’s stock price closed on Friday, Sept. 2, at $30.16 per share, up from $22.64 one year ago.
— Katie Sloan