CLARK, NJ-Kimco Realty Corp. has acquired a grocery-anchored portfolio of three properties here for $35.6 million.
The Union County portfolio includes two long-term ground leases to national grocers: an 85,000-square-foot ShopRite, and a newer 53,000-square-foot A&P Fresh Market. Other national tenants include Rite Aid and Bally Total Fitness.
Clark attracted Kimco because of its strong market profile, including an established and dense residential community and high retail occupancy levels, the company said in a release.
There are 155,000 residents, with a median household income of $90,000, within three miles. That is a 43% higher population and a 25% higher income than in the majority of Kimco’s properties in the region.
The shopping centers are situated off Exit 135 of the Garden State Parkway on a busy thoroughfare with an average daily traffic count of 200,000 vehicles. They are located within 20 miles of 17 other Kimco properties.
The New Hyde Park, NY-based REIT owns 73 retail centers with 7.8 million square feet of gross leasable space in the New York/New Jersey region. Kimco’s portfolio of neighborhood and community shopping centers is the largest in the nation.
In total, the company owns 855 shopping centers with 125 million square feet of leasable space across 42 states, Puerto Rico, Canada, Mexico and South America.