Kimco Realty Corp., a New Hyde Park, N.Y.-based real estate investment trust (REIT), announced that it had entered into an agreement to acquire a 24-property New England portfolio for $270 million, including the assumption f $121.5 million of mortgage debt. HFF, led by senior managing director Jim Koury, marketed the portfolio exclusively on behalf of the unnamed seller. The 24-property New England portfolio features a diverse tenant mix that fits Kimco's focus on grocery, necessity-based and discount retail anchored by strong brands.
David Henry, Kimco's president and CEO said, "This acquisition is in line with our communicated strategy of focusing on key territories which boast solid demographics and growth potential. The assets are largely located in the high barrier to entry Boston market with attractive infill locations and a large consumer base."
The 24 properties are 96% leased and will add 1.4 million square feet to the Kimco portfolio. As part of the sale, Kimco will gain 17 properties in the Boston metropolitan market with anchor tenants including Whole Foods, Trader Joe's, Lowes, Kohl's, Petco, Pier 1 Imports, Aldi Supermarket, CVS and Walgreens. Kimco, which owned 874 shopping centers across North and South America as of June, has been divesting noncore properties and scooping up ones in more strategic locations across the U.S. in order to return value to investors, according to a Newsday article.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment