The New Hyde Park, NY-based Kimco paid $26.3 million for the center in 2003, one year after it was completed by Trammell Crow Co. According to Rusty Tamlyn, senior managing director with Holliday Fenoglio Fowler LP, Kimco's plan to close out a fund drove the 13706–13846 Northwest Fwy. property back to the market.
"They wanted to take advantage of a frothy capital market and they realized there'd be a good return on this," says Tamlyn, who partnered with HFF associate director Mike Parker to represent Kimco. The Oak Brook, IL-based Inland had in-house broker Lou Quilici bargain its terms.
Tamlyn tells GlobeSt.com there is no immediate rollover at the 92%-leased center, with most tenants tied to long-term contracts. The roster includes nationals like Ross Stores Inc., Office Depot Inc., PetSmart Inc., Old Navy Inc., Famous Footwear Stores, Pier 1 Imports Inc., Panera Bread Co. and Chipotle Mexican Grill Inc.
"We got about 10 offers during the market period. Inland was chosen because of price and certainty of closure," Tamlyn says. "Plus, Kimco and Inland had dealt with one another before so there was familiarity."
Tamlyn adds that, to his knowledge, Inland isn't planning to change or upgrade the center. He says he expects the buyer's plan is to hold onto it for awhile for the cash flow due to the northwest submarket's speedy growth.
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