Kimco Completes Purchase of Fairfield County MXD

WILTON, CT-Kimco Realty Corp. on Friday said it had completed the acquisition of the 283,000-square-foot Wilton River Park mixed-use complex here. Between its August 2012 purchase of Wilton Campus Shops and this past week's buy of Wilton Executive Campus and Shoppes, the New Hyde Park, NY-based REIT paid about $82 million, including the assumption of $57 million in mortgage debt.

Both acquisitions were made from Fairfield, CT-based Kleban Properties, which developed the Wilton River Park complex over a 27-year period. In a release, Kimco says the acquisition is a valuable addition to its shopping center portfolio due to the complex's strong mix of retailers, including a Stop & Shop that stands as the dominant supermarket in the community, and an attractive location within the upscale market of Lower Fairfield County.

This past August, Kimco completed the first phase of its acquisition of Wilton River Park with the $39.7-million purchase of the 96,000-square-foot Wilton Campus Shops, anchored by Stop & Shop and 97% occupied. To secure full ownership of the complex, Kimco has finalized the purchase of Wilton Executive Campus and Shoppes, a 187,000-square-foot retail and office center directly adjacent to Wilton Campus Shops, for $42 million, including the assumption of $36 million in debt. The latter property shares all road access and parking with Wilton Campus Shops.

With the purchase of Wilton Executive Campus and Shoppes, Kimco's portfolio now includes another 72,000 square feet of prime retail space. Tenants there include Gap, Starbucks and TrueValue Hardware; fashion boutiques Snappy Gator and Chou Chou; and the four-screen Bow Tie Cinemas moive theater. These retailers complement the fashion, fitness, food and personal services retailers of Wilton Campus Shops, according to Kimco.

Now that full ownership of Wilton River Park has been secured, Kimco says it has greater leasing control and development flexibility, helping to ensure an optimal tenant mix and the best and highest use of all commercial space within the complex. Wilton River Park is located along River Road 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.