Kimco JV Lands $155M Portfolio Refi

A Kimco Realty Corp. joint venture has refinanced a six-property, grocery-anchored retail portfolio totaling 1.3 million square feet in California, Arizona and Georgia with a $154.5 million loan provided by institutional investors advised by J.P. Morgan Asset Management.

JLL Capital Markets arranged the financing on behalf of Kimco and an institutional joint venture partner.

The portfolio includes Morena Plaza in San Diego; Rancho San Diego in El Cajon, Calif.; Vail Ranch Plaza and Redhawk Towne Center, both in Temecula, Calif.; North Decatur Station in Decatur, Ga.; and The Summit at Scottsdale in Scottsdale, Ariz.

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The REIT has owned at least three of the assets since November 2009, when they were purchased as part of an $875 million, 21-property portfolio deal with DRA PL Retail Real Estate Investment Trust. In April 2010, Kimco contributed those properties—Morena Plaza, Rancho San Diego and Redhawk Towne Center—to a new joint venture with the Canada Pension Plan Investment Board, Commercial Property Executive previously reported. Under that partnership agreement, Kimco became the operating partner and owned a 55 percent interest in the joint venture.

The refinanced portfolio is 99 percent occupied with a 4.6 percent weighted average lease term. Grocery anchors include Costco, Walmart, Whole Foods Market, Sprouts Farmers Market and Safeway. National tenants occupy approximately 76 percent of the portfolio’s gross leasable area.

The properties are located in affluent first-ring suburbs, according to JLL, where average household incomes range from $140,000 to $228,000 and average home values range from $567,000 to $1.2 million.

The JLL team that arranged the financing was led by Senior Managing Director Chris Drew and Managing Director John Marshall, along with Directors Wells Waller and Jarrod Howard and Analysts Gabriel Davenport and Preston Bacon.

Closer look at the portfolio 

The largest property is Redhawk Towne Center, a 417,252-square-foot retail center at 2225 Temecula Parkway in Temecula, Calif. The property is anchored by Walmart and Kohls. Other tenants include Famous Footwear, Bath & Body Works, Marshalls, Ross Dress for Less, Five Guys, IHOP and Applebee’s.

Morena Plaza, fully leased at 412,674 square feet, is the second largest property in the portfolio. Located at 4605 Morena Blvd. in San Diego, the site is anchored by Costco and Price Self Storage.

The other assets are:

• Rancho San Diego at 2516 Jamacha Road in El Cajon, Calif., is an open-air shopping center with 98,316 square feet. Tenants include Ross Dress for Less, Burlington, Sally Beauty Supply, Dollar Tree and Jersey Mike’s.
• North Decatur Station at 1555 Church St. in Decatur, Ga., is a newly built retail component of a mixed-use project with 290 multifamily units. The 88,779-square-foot retail center is anchored by Whole Foods Market. Other tenants include The UPS Store, Regions Bank and Cold Stone Creamery.
• The Summit at Scottsdale at 32351 N. Scottsdale Road in Scottsdale, Ariz., is a 190,611-square-foot shopping center that serves both daily and high-end retail needs. The property is anchored by Safeway and shadow anchored by Target. Other tenants include OfficeMax, CVS Pharmacy, PetSmart, Anytime Fitness and Chicos.
• Vail Ranch Plaza at 32413 Temecula Parkway in Temecula, Calif., is a 101,766-square-foot open-air, grocery-anchored shopping center. The asset is anchored by Sprouts Farmers Market, PetSmart and EOS Fitness. Other tenants include Navy Federal Credit Union, Buffalo Wild Wings, See’s Candies and FedEx Kinko’s Office and Print.

Strong second-quarter occupancy

Kimco Realty owns and operates 564 open-air, grocery-anchored shopping centers and mixed-use properties across the U.S. In its second-quarter 2026 earnings report, the REIT reported it had matched an all-time high portfolio occupancy of 96.4 percent and achieved a record small-shop occupancy level of 92.9 percent.

In January 2025, Kimco acquired The Markets at Town Center, a 254,000-square-foot retail center in Jacksonville, Fla., for $108 million. Big V. Property Group sold the asset. The nine-building property is anchored by Sprouts Farmers Market and includes a mix of regional and national retailers such as Ulta Beauty, CVS Pharmacy, Nordstrom Rack, Five Below and J. Crew.