Kimco Pays $295M for Louisville Retail Duo

Kimco Realty has paid $295 million for Paddock Shops and Shelbyville Road Plaza, two grocery-anchored retail properties totaling 741,000 square feet in Louisville, Ky. The open-air shopping centers are located in the metro’s East End submarket.

CBRE Investment Management sold Paddock Shops after three years of ownership, while Hagan Properties was the seller of Shelbyville Road Plaza. The buyer funded the purchase primarily with proceeds from 2026 property sales made through 1031 exchanges.

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This transaction expanded Kimco’s Louisville footprint to 911,000 square feet across three retail centers. The company’s first local asset is Festival at Jefferson Court, an 1988-built neighborhood center totaling roughly 170,000, which the company obtained in 2021 through its merger with Weingarten.

Two grocery-anchored retail centers in Louisville

Paddock Shops is a 351,000-square-foot lifestyle center at 4300 Summit Plaza Drive, close to the interchange of interstates 71 and 265 and 13 miles from downtown Louisville. The Fresh Market, REI, Total Wine & More, Pottery Barn and ULTA Beauty anchor the 2001-completed property that was 94 percent leased at the time of sale.

The 390,000-square-foot Shelbyville Road Plaza is at 4600 Shelbyville Road, in the St. Matthews submarket. Originally built in 1954 as the first shopping center in suburban Louisville, the property has Trader Joe’s, Nordstrom Rack, Burlington, Ross Dress for Less and Old Navy as anchor centers. The asset was 92 percent leased at closing.

The retail centers are within 7 miles from one another. Each one attracts more than 4 million annual visits, according to Placer.ai data.

Kimco’s Southeast activity

This acquisition was only one of several purchases that Kimco seeded this year with 1031 exchange proceeds. In July, the firm sold four Costco-anchored assets and acquired Sunshine Plaza in Tamarac, Fla., and Pompano Marketplace in Pompano Beach, Fla., from KPR Centers for a combined $109 million. The two retail centers total roughly 498,000 square feet.

Kimco’s Southeast portfolio also includes The Markets at Town Center, a 254,000-square-foot retail asset in Jacksonville, Fla. Its acquisition marked the company’s first investment through its Structured Investment Program.

Louisville attracts notable retail investors

Louisville’s retail sector witnessed a sales volume of about $165 million over the past twelve months ending in June 2026, a recent Cushman & Wakefield report shows. The amount marked a 1.5 percent year-over-year growth, while consumed spending also increased 2.1 percent from June 2025.

The second quarter’s largest sale involved once again a Hagan Properties asset, another East End property named Shops at Middletown Station. Curbline Properties paid $42.2 million for the neighborhood shopping center in June.