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| Medford Center, Medford, OR |
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| Nicholas Bicardo |
PORTLAND, OR – HFF announced it has closed the sale of Medford
Center, a 335,043-square-foot, movie theater-anchored regional retail
center in Medford, Oregon.
HFF
marketed the properties on behalf of the seller, Kimco Realty Corporation. LBG Realty Advisors, LLC purchased the asset
free and clear of debt.
Medford Center is situated on 30.14 acres at 501-1093
Medford Center at the intersection of Biddle Road and East Jackson Street along
Medford’s main Biddle Road retail corridor with direct access to Interstate
5.
Most recently renovated in 1997, the center is 87 percent
leased to a variety of national and regional tenants, including Sears, Cinemark
Theatres, International Fitness, Ashley Furniture HomeStores, Rogue Air Park
and John L. Scott Real Estate.
The
HFF investment sales team representing the seller was led by managing director Nicholas
Bicardo, director Nick Kucha and real estate analysts Logan Greer
and Brandon Rogoff.
 |
| Nick Kucha |
“Medford Center received very strong interest from private
and institutional buyers targeting non-primary markets,” Bicardo said.
“We continue to see no shortage of equity
and/or debt capital chasing yield in these types of markets. Medford Center is a great entree into the
Pacific Northwest given the size and tenancy. ”
Kimco Realty Corp. (NYSE: KIM) is a real estate investment
trust (REIT) headquartered in New Hyde Park, New York, that owns and operates
North America’s largest publicly-traded portfolio of neighborhood and community
shopping centers.
As of September 30,
2014, the company owned interests in 814 shopping centers comprising 117
million square feet of leasable space across 41 states, Puerto Rico, Canada,
Mexico and South America.
Publicly
traded on the NYSE since 1991, and included in the S&P 500 Index, the
company has specialized in shopping center acquisitions, development and
management for more than 50 years.
 |
| Logan Greer |
For further
information, please visit www.kimcorealty.com,
the company’s blog at blog.kimcorealty.com, or
follow Kimco on Twitter at www.twitter.com/kimcorealty.
LBG Real Estate Companies, LLC is a private real estate
investment company actively involved in purchasing and redeveloping value-add
and opportunistic shopping centers located in California, Las Vegas, Utah,
Michigan and throughout the Western States.
LBG's extremely diligent and entrepreneurial approach to investing and
execution has resulted in tremendous returns for its investors that far exceed
the typical benchmarks.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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