Kimco Realty expands presence in NY market with $375m buy

Kimco Realty has acquired a private, multi-generationally owned portfolio of eight Long Island, N.Y., shopping centers for $375.8 million.

The eight high-quality centers are located in one of the most desirable markets in the United States and within an approximately 15-minute drive from Kimco’s corporate headquarters in Jericho, N.Y. The ultra-infill markets of Long Island are high barrier to entry and offer a highly captive consumer base boasting some of the best demographic profiles in the country.

The portfolio, which boasts a three-mile estimated population of 95,000 and average household income of $187,000, is 94.4 percent leased with significant mark-to-market and merchandising enhancement opportunities. The portfolio, which includes The Gardens at Great Neck, Woodbury Common, The Market Place, Stop & Shop Shopping Center, Southgate Shopping Center, Green Cove Plaza and Syosset Corners in Nassau County, as well as Sequams Shopping Center in Suffolk County,