Kimco to Buy 24-Property Portfolio in New England and New Jersey

Kimco has significantly ramped up its presence in the Northeast with a $270 million purchase of a set of assets. The company announced that it has acquired 24 retail properties in the region for that price, which includes the assumption of $121.5 million in mortgage debt. It did not identify the seller or sellers.

Seventeen of those properties are in the Boston vicinity, and feature anchor tenants such as Whole Foods Market, Pier 1 Imports, and Walgreen. Four other facilities are elsewhere in Massachusetts, while a shopping center in Danbury, Connecticut is anchored by a Wal-Mart. The remaining two properties are located in northern New Jersey, not far from New York City.

In the press release announcing the news, Kimco quoted its CEO David Henry as saying that the acquisition is "in line with our communicated strategy of focusing on key territories which boast solid demographics and growth potential."

The completion of the deal is subject to customary conditions, which include lender approvals. The firm expects the transaction to close in Q1 2014.

At the end of its most recently reported quarter, Kimco had $227 million in cash and short-term investments.


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