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Kimco Acquires Whittier Retail Center
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New Hyde Park, NY-based Kimco Realty Corp. completed the acquisition of Whittwood Town Center, a 783,000-square-foot shopping center in Whittier, CA from a venture of DDR Corp. and Blackstone Group for $123 million. The open-air, grocery-anchored property includes two adjacent parcels, and is located on a 54-acre infill site.
The center features Target, Vons, PetSmart, Cost Plus and 24 Hour Fitness, in addition to Kohl’s, Sears and J.C. Penney, that pay substantially below-market rents, with an aggregate market-to-market opportunity of 560%. The transaction was funded with 1031 Exchange proceeds, along with the assumption of $43 million in mortgage debt,
The sellers had acquired the property in 2014 from American Realty Capital Properties Inc. as part of a portfolio deal. In 2017, Kimco acquired three shopping centers and 10 land parcels for $382.1 million, of which $377.4 million represents the company’s pro-rata share.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition



