Kimco Realty Expands Portfolio with $42.7M Acquisitions
- Dec 14, 2011
Kimco Realty Corp. purchased the Brennan Station retail center in north Raleigh for $27.15 million. The transaction also included the sale of a Harris Teeter-anchored shopping center in Cornelius. In total, the two properties were sold to Kimco for $42.7 million.
The REIT acquired Brennan Station, a 132,400-square-foot shopping center, from an affiliate of Hawthorne Retail Partners of Charlotte, the Triangle Business Journal reported. Located at 8111 Creedmoor Road, Brennan Station is anchored by O2 Fitness, Office Depot and Ace Hardware.
At the time of the sale, the center was 96 percent occupied. Kimco has appointed Hawthorne Retail Partners to continue to act as a leasing agent. The shopping center was purchased by Hawthorne in 2007 for $19.5 million, and it had subsequently underwent extensive renovations.
The Kimco real estate investment trust owns interest in about 946 shopping center properties across the nation. Alongside the recent acquisitions, Kimco owns and operates 11 other shopping centers in the Triangle area.
In regional news, Crescent Resources LLC has recently closed on a six-acre tract. The company has already started to develop a 303-unit luxury apartment community, Circle Night Street, on the site.
Due to its vicinity to historic landmarks on the Ninth Street, the $47 million project was designed and inspired by the existing Erwin Mill building and the previous factories and warehouses in the area. According to the company’s press release, Circle Ninth Street will meet the LEED requirements from the U.S. Green Building Council.
The project and landscape architect of the project is represented by Cline Design Associates of Raleigh, while Atlanta-based Historical Concepts will act as a design consultant. Circle Ninth Street has been financed by equity investment from Crescent Resources and through financing with the U.S. Bank N.A. and Pearlmark Real Estate Partners LLC.