Kimco Boosts Position With Dominant Grocery-Anchored Asset Buy In The Washington D.C. Suburbs Of Virginia

Kimco Realty Corp KIM disclosed the acquisition of Stonebridge at Potomac Town Center in Virginia for $172.5 million.

Potomac Town Center is a grocery-anchored lifestyle center, 96% occupied, spanning 504,000 square feet.

The center boasts an estimated population of over 230,000 people and an average household income of $125,000 within a five-mile radius. 

The center has a diverse tenant mix comprising renowned national brands of restaurants and personal services.

This buyout will allow Kimco an opportunity to create three outparcel retail buildings, boost density through mixed-use development, and recapture the below-market leases.

"We're excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio. This center boasts a robust growth profile that will complement and solidify Kimco's position as the leading retail player in the suburban Washington D.C. market," said Ross Cooper, President and Chief Investment Officer.

As of June 30, 2023, cash and cash equivalent stood at $851.3 million, and an unsecured revolving credit facility of $2.0 billion. 

Price Action: KIM shares closed lower by 0.95% at $18.72 on Thursday.