Kimco Realty Corporation has purchased a 24-property shopping center portfolio that stretches from Massachusetts to New Jersey. The portfolio includes 21 centers in Massachusetts (including 17 in the Boston area), two in New Jersey, and one in Connecticut. The company acquired the properties for $390 million, approximately $279 per square foot, including the assumption of $120.5 million in mortgage debt. The centers boast investment-grade tenants such as Whole Foods, Lowe’s, and Wal-Mart.
The acquisition included the sale of the land lease at Berkshire Shopping Center in Danbury. The shopping center’s anchor tenants include Marshalls and Wal-Mart. The center is comprised of 348,650 square feet of space, and is located in close proximity to Interstate 84. The 24-shopping center portfolio total 1.4 million square feet and were 96% occupied at the time of sale. Rent from the anchor tenants are 81% of the portfolio’s base rent.