Kimco Acquires Wilton Campus Shops in Fairfield County
Company adds another high-quality shopping center to its portfolio
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYSE: KIM) today announced the acquisition of Wilton Campus Shops, a 97,000-square-foot grocery-anchored retail center in Wilton, Conn., that is part of a larger mixed-use complex known as Wilton River Park. This acquisition marks the addition of another high-quality property in a core market to Kimcos U.S. shopping center portfolio. Kimco (KIM) purchased Wilton Campus Shops from a partnership of Kleban Properties in Westport, Conn., for $39.7 million, including $20.9 million of mortgage debt.
The shopping center is 98 percent occupied and is anchored by a 47,000-square-foot Stop & Shop, the dominant supermarket serving the community. The grocer is flanked on both sides by a diverse mix of more than 20 specialty shops and several restaurants.
Wilton Campus Shops is located at 5 River Road in the heart of Wilton, which is part of Lower Fairfield County a region also known as Connecticuts Gold Coast for its affluent population and proximity to both New York City and the Long Island Sound. The center is well-situated within this community as illustrated by a median household income of more than $171,000 within a three-mile radius surrounding the property. With this acquisition, the company now owns 70 centers in the New York metropolitan area.
We are pleased to have finalized the sale of Wilton Campus Shops to Kimco Realty Corp., the pre-eminent shopping center owner and operator in the country, said Albert J. Kleban and Stephen Saft of Kleban Properties in a joint statement. We look forward to a productive relationship with Kimco as neighbors. The pair, who developed Wilton River Park, own and manage Wilton Executive Campus located adjacent to the retail center.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North Americas largest portfolio of neighborhood and community shopping centers. As of June 30, 2012, the company owned interests in 926 shopping centers comprising 136 million square feet of leasable space across 44 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 acquisition, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the companys blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Kimco Realty Corp.
David F. Bujnicki, 1-866-831-4297
Vice President, Investor Relations and Corporate Communications
Source: Kimco Realty CorporationCopyright Business Wire 2012