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Kimco Adds 8 Long Island Shopping Centers for $376M
Kimco Realty has made a significant acquisition in its own backyard, snapping up a private, multi-generationally owned portfolio of eight Long Island shopping centers for $375.8 million. The acquisition included the assumption of $88.8 million of debt.
The portfolio, including The Gardens at Great Neck, Woodbury Common, The Market Place, Stop & Shop Shopping Center, Southgate Shopping Center, Green Cove Plaza and Syosset Corners in Nassau County, and Sequams Shopping Center in Suffolk County, features five grocery-anchored centers and a mixture of necessity-based tenants and retailers. All are within 15 minutes of Kimco’s Jericho, NY headquarters. The portfolio is 94.4% leased.
“This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely populated, suburbs that offers high barriers to entry and affluent communities,” said CEO Conor Flynn.
- ◦Sale/Acquisition
