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Kimco Realty Corp. (NYSE:KIM) announced today that it has acquired the remaining phase of the 283,000-square-foot Wilton River Park in Wilton, Conn. Including the company’s initial acquisition, the combined investment of this complex totals $82 million, including $57 million of mortgage debt. Wilton River Park is a valuable addition to the company’s shopping center portfolio because of its strong mix of retailers, including the dominant supermarket in the community, and attractive location within the upscale market of Lower Fairfield County.
In August 2012, Kimco completed the first phase of its acquisition of Wilton River Park with the purchase of
Wilton Campus Shops, a 97-percent occupied retail center anchored by the national grocer Stop & Shop. To secure full ownership of the complex, Kimco recently finalized the purchase of Wilton Executive Campus and Shoppes, a 187,000-square-foot mixed-use center directly adjacent to Wilton Campus Shops that shares all road access and parking, for $42 million, including the assumption of $36 million of mortgage debt. Kimco acquired both parcels from the original developers of Wilton River Park.
The purchase of Wilton Executive Campus and Shoppes adds another 72,000 square feet of prime retail space to Kimco’s portfolio, and brings aboard a full tenant roster of national retailers such as Gap, Starbucks Coffee Company and True Value Hardware; fashion boutiques Snappy Gator and Chou Chou; and the four-screen Bow Tie Cinemas. These retailers complement the fashion, fitness, food and personal services retailers of Wilton Campus Shops.
With full ownership of Wilton River Park secured, Kimco has greater leasing control and development flexibility to better ensure an optimal tenant mix and the best and highest use of all commercial space.
Wilton River Park is located along River Road in the heart of Wilton, Conn., in Lower Fairfield County – a region known as Connecticut’s “Gold Coast” for its affluent population and proximity to both New York City and the Long Island Sound. The average household income within three-miles of Wilton River Park is $241,000.