{"id":1004624420,"date":"2022-11-10T05:10:24","date_gmt":"2022-11-10T13:10:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004624420"},"modified":"2022-12-08T21:43:08","modified_gmt":"2022-12-09T05:43:08","slug":"kimco-realty-buys-376m-shopping-center-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-realty-buys-376m-shopping-center-portfolio\/","title":{"rendered":"Kimco Realty Buys $376M Shopping Center Portfolio"},"content":{"rendered":"<div id=\"attachment_1004624450\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Kimco-Portfolio-1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004624450\" data-attachment-id=\"1004624450\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kimco-realty-buys-376m-shopping-center-portfolio\/kimco-portfolio-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Kimco-Portfolio-1.jpg\" data-orig-size=\"1024,768\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Kimco Portfolio\" data-image-description=\"&lt;p&gt;Image by Tom Pottiger via unsplash.com&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by Tom Pottiger via unsplash.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Kimco-Portfolio-1.jpg?w=1024\" class=\"wp-image-1004624450 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Kimco-Portfolio-1.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Kimco-Portfolio-1.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Kimco-Portfolio-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Kimco-Portfolio-1.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004624450\" class=\"wp-caption-text\">Image by Tom Pottiger via unsplash.com<\/p><\/div>\n<p>In a $375.8 million deal, <strong>Kimco Realty<\/strong> has acquired a private and multi-generationally owned portfolio of eight shopping centers totaling 540,000 square feet of retail space in Long Island, N.Y.<\/p>\n<p>The company used both cash and redeemable units to make the acquisition, as well as the assumption of $88.8 million of 4.1 percent mortgage debt with a remaining term of six years.<\/p>\n<p>The portfolio includes:<\/p>\n<ul>\n<li>The Gardens at Great Neck<\/li>\n<li>The Market Place<\/li>\n<li>Stop &amp; Shop Shopping Center<\/li>\n<li>Southgate Shopping Center (117,960 square feet)<\/li>\n<li>Woodbury Common (94,131 square feet)<\/li>\n<li>Syosset Corners (22,010 square feet)<\/li>\n<li>Green Cove Plaza (66,656 square feet)<\/li>\n<li>Sequams Shopping Center<\/li>\n<\/ul>\n<p>The retail centers are located in a heavily trafficked and densely populated area, where the average household income within a 3-mile radius is between $95,000 and $187,000. The portfolio is currently 94.4 percent leased and some of the necessity-based tenants and retails include TJ Maxx, Rite Aid, Starbucks, Dunkin\u2019 Donuts, Chipotle and GoHealth Urgent Care.<\/p>\n<p>Kimco\u2019s CEO, Conor Flynn, said in prepared remarks that the company has an annual base rent target coming from grocery-anchored centers of 85 percent. With the acquisition of the eight-property portfolio, Kimco currently owns 36 assets totaling more than 3.5 million square feet in the Long Island market.<\/p>\n<p>Flynn recently shared <a href=\"https:\/\/www.commercialsearch.com\/news\/former-us-treasury-secretary-cre-could-face-recession-of-choice\/\">his insights regarding commercial real estate<\/a> in the current economic environment in a video conference with <strong>Marcus &amp; Millichap<\/strong> CEO Hessam Nadji; former U.S. Treasury Secretary Lawrence Summers and <strong>Brookfield Asset Management<\/strong> Partner Swarup Katuri. Flynn cited a strong retail job market, mentioning Kimco has added $44 million to its net operating income, while also discussing the reopening of retail centers after the pandemic.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A collection of eight properties brings the company\u2019s Long Island footprint to more than 3.5 million square feet. <\/p>\n","protected":false},"author":3014,"featured_media":1004624450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21749],"tags":[38431,34368],"class_list":["post-1004624420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-conor-flynn","tag-kimco-realty-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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