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.
About Kimco
Kimco 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 Dec. 31, 2012, the company owned interests in 896
shopping centers comprising 131 million square feet of leasable space
across 44 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.
