{"id":1004812422,"date":"2026-09-18T05:35:01","date_gmt":"2026-09-18T13:35:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004812422"},"modified":"2026-09-18T06:14:10","modified_gmt":"2026-09-18T14:14:10","slug":"kimco-jv-lands-155m-grocery-anchored-portfolio-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-jv-lands-155m-grocery-anchored-portfolio-refi\/","title":{"rendered":"Kimco JV Lands $155M Portfolio Refi"},"content":{"rendered":"\n

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The properties refinanced by the Kimco Realty Corp. joint venture are located in Arizona, California and Georgia.
Image courtesy of JLL <\/em><\/figcaption><\/figure><\/div>\n\n\n

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.<\/p>\n\n\n\n

JLL Capital Markets arranged the financing on behalf of Kimco and an institutional joint venture partner.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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READ ALSO: <\/strong>Why Investors Are Hungry for Grocery-Anchored Retail<\/a><\/p>\n\n\n\n

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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\u2014Morena Plaza, Rancho San Diego and Redhawk Towne Center\u2014to a new joint venture with the Canada Pension Plan Investment Board, Commercial Property Executive <\/em>previously reported. Under that partnership agreement, Kimco became the operating partner and owned a 55 percent interest in the joint venture.<\/p>\n\n\n\n

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\u2019s gross leasable area.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Closer look at the portfolio\u00a0<\/h2>\n\n\n\n

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\u2019s.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The other assets are:<\/p>\n\n\n\n