X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

VALDOSTA, GA-Kimco Realty Corp., one of Kmart Corp.’s biggest landlords, has purchased a 10-year-old, 169,896-sf Super Kmart store here from a Southern California-based family trust for approximately $10.7 million or $62.69 per sf.

Longhorn Steak House occupies an outparcel ground lease on the 20-acre property through 2011. There is also an additional outparcel available to construct a 4,400-sf building. Both outparcels are included in the sale. The property is at 1106 St. Augustine Rd.

Marcus and Millichap brokers James Donegan, Stewart Jacobs and Ed Nutting in the firm’s Atlanta office had the exclusive listing for the property and also found the buyer. The sales price represents an 11.03% market capitalization rate.

New Hyde Park, NY-based Kimco calls itself the nation’s largest owner and operator of neighborhood and community shopping centers. The 35-year-old publicly traded REIT has ownership interests in 700 shopping centers comprising about 100 million sf of leasable space in 42 states and Canada.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.