Kimco Realty Corp. (NYSE:KIM) announced today that it has purchased a three-property, 189,000-square-foot grocery-anchored portfolio in the New York City metropolitan statistical area (MSA) for $35.6 million. The fully occupied portfolio is located in Clark, N.J., a densely populated suburb of New York City in Union County, N.J. The portfolio includes two long-term ground leases to national grocers: an 85,000-square-foot, high-volume-producing ShopRite, and a newer 53,000-square-foot A&P Fresh Market. Other national tenants include Rite Aid and Bally Total Fitness.
Clark, N.J., is an attractive locale because of its strong market profile, including an established and dense residential community and high retail occupancy levels. The properties are supported by approximately 155,000 residents with a median household income of $90,000 within three miles which exceeds Kimco’s U.S. portfolio population and median income levels by 43 percent and 25 percent, respectively. The shopping centers offer easy access from Exit 135 of the Garden State Parkway and are well-located on a high volume thoroughfare boasting a daily average traffic count of 200,000 vehicles.
This three-property acquisition lies within 20 miles of 17 additional Kimco properties and further expands the company’s largest MSA (New York-New Jersey-Long Island) to 73 retail centers encompassing approximately 7.8 million square feet of gross leasable space.
About KimcoKimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of September 30, 2013, the company owned interests in 855 shopping centers comprising 125 million square feet of leasable space across 42 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisition, development and management for more than 50 years. For further information, please visit www.kimcorealty.com , the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.