Kimco Realty Corp. and an institutional joint venture partner secured $154.1 million in financing for a six-property, 1.31-million-square-foot retail portfolio spanning California, Arizona and Georgia.
The portfolio includes Morena Plaza in San Diego; Rancho San Diego in El Cajon, Calif.; Vail Ranch Plaza and Redhawk Towne Center in Temecula, Calif.; North Decatur Station in Decatur, Ga.; and The Summit at Scottsdale in Scottsdale, Ariz.
The portfolio is 99 percent occupied with a 4.6-year weighted average lease term and features dominant grocery anchors including Costco, Walmart, Whole Foods, Sprouts Farmers Market and Safeway. The properties collectively draw more than 17 million annual consumer visits, with anchor locations consistently ranking in the top 5 percent to 10 percent nationally by visits within their respective banners. National tenants occupy approximately 76 percent of the portfolio’s gross leasable area, with 46 percent of the tenant roster comprisi
