Hillview Shopping Center Sells for $24.8M

Indeed, the asset has found its way into the hands of one of the giants in the neighborhood and community center retail categories--Kimco Realty Corp. The New Hyde Park, NY-based REIT has an expansive portfolio of some 607 properties totaling approximately 90 million sf in 41 states, plus Mexico and Canada.

Hillview itself totals approximately 350,000 sf on a 25-acre site. The sale, according to Kimco officials, involves just over 209,000 sf of that total, with a sale price of $24.8 million. The remaining space constitutes a Target department store, and Target owns its own building.

The transaction was arranged by Robert Fahey, Michael Blunt and Lizann McGowan of the Philadelphia office of C&W. No further details of the sale were released.

Considered a "power center," Hillview is co-anchored by a Kohl's department store and has a tenant roster that includes Babies R' Us, Worldwide Wholesale Covering, PetsMart, Silver Diner and Bare Feet Shoes. Most of the leases run through 2016, and the center is currently 100% leased.

Originally built in 1997, Hillview sits directly across the road from the 1.5-million-sf super-regional Cherry Hill Mall, one of South Jersey's premier retail properties. The latter, incidentally, moved from the portfolio of the Rouse Co. to the Philadelphia-based Pennsylvania Real Estate Investment Trust recently as part of a six-mall, $548-million deal (see earlier story).

Hillview Shopping Center was developed by the Philadelphia-based Rubin Organization and co-owned, ironically, by PREIT. The two original owners sold the property to Lend Lease in 1999.