{"id":1004238266,"date":"2018-06-27T03:18:28","date_gmt":"2018-06-27T11:18:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004238266"},"modified":"2022-12-09T00:38:11","modified_gmt":"2022-12-09T08:38:11","slug":"kimco-sells-san-diego-area-retail-center-for-59m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-sells-san-diego-area-retail-center-for-59m\/","title":{"rendered":"Kimco Sells San Diego-Area Retail Center"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Broadway<\/a>

Broadway Plaza, Chula Vista, Calif.<\/p><\/div>\n

With NKF Capital Markets leading the marketing effort, Kimco Realty Corp. has pocketed $58.5 million on the disposition of Broadway Plaza in Chula Vista, Calif. The REIT sold the approximately 356,300-square-foot community retail center to Protea Properties Inc.<\/p>\n

Broadway Plaza had been part of Kimco\u2019s portfolio since 1998, when the shopping center REIT came into possession of the asset with the acquisition of Price REIT in a $960 million merger. The investment community took a strong interest in the well-located property, which is 100 percent leased.<\/p>\n

\u201cGiven the quality of the overall investment coupled with the scarcity of like kind opportunities in Southern California, the interest was robust with a healthy mix of institutional and private capital,\u201d<\/em> Glenn Rudy, a senior managing director with NKF Capital Markets, told Commercial Property Executive<\/em>. \u201cNKF garnered over a dozen qualified offers with a number of additional groups at less than competitive pricing.\u201d<\/em> Rudy was joined on the Broadway Plaza sale by NKF colleagues Pete Bethea, vice chairman, and Rob Ippolito, senior managing director. Protea relied on internal representation in the transaction.<\/p>\n

\"Broadway<\/a>

Broadway Plaza, Chula Vista, Calif.<\/p><\/div>\n

Located on 32 acres at 1144 Broadway Ave., roughly 10 miles from downtown San Diego, Broadway Plaza opened in 1984 and expanded with the addition of an approximately 150,000-square-foot Walmart building in 2005. Nary a space remains on the tenant roster, with such national names as Panda Express, Petco and Verizon occupying space at the shopping center, and Costco, like Walmart, serving as a 150,000-square-foot anchor on its own parcel.<\/p>\n

\u201cBroadway Plaza was truly a rare investment opportunity in that it delivered all the priorities of today\u2019s active retail investor\u2014quality real estate, dynamic submarket, density, credit, tenant performance and durability,\u201d<\/em> Rudy said. \u201cThe fact that both Walmart and Costco were included in the sale made it especially unique as most often these two industry-leading retailers are not a part of the collateral being offered for sale.\u201d <\/em><\/p>\n

A selling state of mind<\/strong><\/h2>\n

The sale of certain assets is one of the initiatives that comprise Kimco\u2019s plan for positioning itself for the future, as was noted during the company\u2019s first quarter 2018 earnings conference call on April 26. The goal of the selective dispositions is not only to upgrade the quality of the company\u2019s portfolio, but to secure funds to finance development projects and decrease debt.<\/p>\n

The list of transactions Kimco announced during spring 2018 alone includes the sales of the 371,600-square-foot Primrose Marketplace in Springfield, Mo<\/a>., and Five Forks Crossing, a suburban Atlanta retail property Kimco sold for $10.5 million,<\/a> after having purchased the 74,000-square-foot center for $9.8 million in 2013. In the first quarter of this year, the company realized $210.2 million in gross proceeds with the shedding of 21 shopping centers totaling 2.3 million square feet.<\/p>\n

\u201cDespite concerns that continue to surround retail real estate, we are enthused about the volume, pace and pricing of our sales,\u201d<\/em> Conor Flynn, CEO of Kimco, said during the earnings conference call.<\/p>\n

Images courtesy of NKF Capital Markets<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

NKF Capital Markets orchestrated the disposition of Broadway Plaza in Chula Vista, Calif., on the REIT\u2019s behalf, securing Protea Properties as the buyer of the 356,300-square-foot asset. <\/p>\n","protected":false},"author":969,"featured_media":1004238269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21749,1608,15],"tags":[38431,34368,36007],"class_list":["post-1004238266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-retail","category-san-diego","category-west","tag-conor-flynn","tag-kimco-realty-corporation","tag-newmark-knight-frank"],"acf":[],"yoast_head":"\nKimco Sells San Diego-Area Retail Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kimco-sells-san-diego-area-retail-center-for-59m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kimco Sells San Diego-Area Retail Center\" \/>\n<meta property=\"og:description\" content=\"NKF Capital Markets orchestrated the disposition of Broadway Plaza in Chula Vista, Calif., on the REIT\u2019s behalf, securing Protea Properties as the buyer of the 356,300-square-foot asset.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kimco-sells-san-diego-area-retail-center-for-59m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-27T11:18:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:38:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Broadway-Plaza-Chula-Vista-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-sells-san-diego-area-retail-center-for-59m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-sells-san-diego-area-retail-center-for-59m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Kimco Sells San Diego-Area Retail Center\",\"datePublished\":\"2018-06-27T11:18:28+00:00\",\"dateModified\":\"2022-12-09T08:38:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-sells-san-diego-area-retail-center-for-59m\\\/\"},\"wordCount\":514,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-sells-san-diego-area-retail-center-for-59m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/06\\\/Broadway-Plaza-Chula-Vista-Calif..jpg\",\"keywords\":[\"Conor Flynn\",\"Kimco Realty Corporation\",\"Newmark Knight Frank\"],\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"News\",\"Retail\",\"San Diego\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-sells-san-diego-area-retail-center-for-59m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-sells-san-diego-area-retail-center-for-59m\\\/\",\"name\":\"Kimco Sells San Diego-Area Retail Center - 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