10/25/2013 | By Sarah Borchersen-Keto
Kimco Realty Corp. (NYSE: KIM) announced on Oct. 25 that it plans to buy a 24-property, 1.4-million-square-foot retail portfolio for $270 million with properties in New England and New Jersey.
The portfolio includes space leased to anchor tenants such as Whole Foods, Trader Joe’s, Lowes, Kohl’s, CVS and Walgreens. The portfolio, which has an occupancy rate of 96 percent, comprises 17 properties in the Boston metropolitan market plus four other Massachusetts shopping centers. It also includes two centers in northern New Jersey and one in Connecticut.
Kimco President and CEO David Henry said the acquisition underscores the company’s strategy of focusing on key territories with solid demographics and growth potential. “These assets are largely located in the high-barrier-to-entry Boston market with attractive infill locations and a large consumer base,” Henry said.
The $270 million purchase price includes the assumption of $121.5 million of mortgage debt, the company said. The transaction is expected to be completed in the first quarter of 2014.