Kimco completes 24-property acquisition for $270 million
Kimco Realty Corp. has purchased a 24-property, 1.4 million-square-foot retail portfolio for $270 million, including the assumption of approximately $122.3 million of debt. HFF represented the seller, G.P.B. Holdings.
The majority of the assets are located in the greater Boston area, New Jersey and Connecticut.
The overall U.S. Northeast retail portfolio was 96 percent occupied and anchored by a variety of national and regional credit tenants, including Walmart, Kohl’s, Lowe’s, Whole Foods, Trader Joe’s, Petco, Pier 1 Imports, Walgreens and CVS as well as Kings and Aldi supermarkets.
Some 21 of the properties are located in Massachusetts, two are in New Jersey and one is located in Connecticut. Several included irreplaceable, core locations such as the Trader Joe’s near Harvard and M.I.T. on Memorial Drive in Cambridge, Mass., and a Who