Thursday, May 1, 2014, 11:47am
G.P.B. Holdings LLC of Boston has sold a portfolio of 24 retail properties in Massachusetts, New Jersey and Connecticut totaling 1.4 million square feet for $391 million, including the assumption of $120.5 million in mortgage debt, to Kimco Realty Corp. of New Hyde Park, N.Y.
The transaction represents a significant expansion into Greater Boston for Kimco, with 17 properties in the region. It includes such high-profile properties as the Trader Joe’s plaza on Memorial Drive in Cambridge and Whole Foods Market in Brighton. Several of the centers have more than 200,000 people living within a three-mile radius, Kimco said, and the transaction reflects the company’s focus on grocery and discount retailers. Several of the parcels have undeveloped outparcels suitable for expansion, Kimco said.
The portfolio includes 21 properties in Massachusetts, two in New Jersey and one in Connecticut ,and is 96 percent leased.
Jim Koury and John Fowler of Holliday Fenoglio Fowler LP in Boston marketed the portfolio and procured the buyer. HFF previously brokered the sale of the same portfolio in 1996.
“This was a 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,” Koury said in a statement.
At year’s end, Kimco owned an interest in 852 shopping centers totaling 125 million square feet.
Editor’s note: This story has been updated for clarification since it was first published on May 1.