Kimco Boosts Position With Dominant Grocery-Anchored Asset Buy In The Washington D.C. Suburbs Of Virginia
Portfolio Pulse from Lekha Gupta
Kimco Realty Corp (NYSE:KIM) has acquired Stonebridge at Potomac Town Center in Virginia for $172.5 million. The grocery-anchored lifestyle center is 96% occupied and spans 504,000 square feet. The acquisition will allow Kimco to create three outparcel retail buildings, boost density through mixed-use development, and recapture the below-market leases.
August 25, 2023 | 12:43 pm
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POSITIVE IMPACT
Kimco Realty's acquisition of Stonebridge at Potomac Town Center could strengthen its position in the suburban Washington D.C. market and provide opportunities for further development.
The acquisition of a 96% occupied lifestyle center in a high-income area could provide Kimco with significant opportunities for growth and development. This could potentially increase the company's revenues and profitability, which could have a positive impact on its stock price.
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