Kimco's $925M Buy
A Kimco subsidiary just shelled out $925M to purchase the remaining 66% interest in a 39-property portfolio from its JV partner, a subsidiary of Blackstone. VP of leasing and asset management for the Western Region David Jamieson recently told us about the demographic dominating the grocer market. The company owns and operates North America's largest portfolio of neighborhood and community shopping centers. The deal is expected to close in Q1, giving Kimco full ownership of the portfolio. The 5.6M SF portfolio is 97% leased and contains properties in New York, Virginia, Texas, Florida, California and Maryland. Locally, it includes 280 Metro Center, a 228k SF property in Colma that's 95% occupied and packed with Nordstrom Rack, Marshalls, Bed Bath & Beyond and more.
