 |
| John Fowler |
BOSTON, MA – HFF announced it has closed the sale of a
24-property, 1.4 million-square-foot retail portfolio located in the greater
Boston area, New Jersey and Connecticut.
HFF
exclusively marketed the portfolio on behalf of G.P.B. Holdings, LLC and
introduced the buyer, Kimco Realty Corporation (NYSE: KIM), who purchased the
properties for $270 million including the assumption of approximately $121
million of debt.
The
overall portfolio was 96 percent
occupied and anchored by a variety of national and regional credit tenants
including Walmart, Kohl’s, Lowe’s, Whole Foods, Trader Joe’s, Petco, Pier 1
Imports, Walgreens, CVS as well as Kings and Aldi supermarkets.
Twenty-one of the properties are located in
Massachusetts, two are in New Jersey and one is located in Connecticut. Several included irreplaceable, core
locations such as the Trader Joe’s near Harvard and M.I.T. on Memorial Drive in
Cambridge, Massachusetts and a Whole Foods in close proximity to Boston College
and Boston University in Brighton, Massachusetts.
 |
| James Koury |
The
HFF investment sales team representing the seller was led by senior managing
director Jim Koury and executive managing director John Fowler.
According to Koury, “This was unique opportunity to acquire a critical
mass of retail property located in Boston’s inner suburbs where it is rare to
see the transfer of retail ownership.
"In addition to being well located, the overall portfolio will provide
Kimco with good opportunity to grow the cash flow over their investment
horizon.
"It’s been personally
satisfying to have originally orchestrated the sale of this same portfolio back
in 1996 and again now in 2014. I’m
positive Kimco will be as successful with the portfolio as the previous
owners.”
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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