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WP Realty Picks Up Three Centers for $30M

BRYN MAWR, PA-The three assets from Kimco are in Massachusetts and New York and aggregate 391,108 sf. WP plans to invest $10 million to upgrade the portfolio.

By Marita Thomas | Updated on January 10, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

BRYN MAWR, PA-Locally based WP Realty Inc. has acquired three shopping centers from Kimco Realty Corp. for a total of nearly $29.5 million. They are Foxborough Plaza in Foxborough, MA; Columbia Plaza in Rensselaer, NY; and Colonie Plaza in Albany, NY.

Bryan Weingarten, WP’s founder and CEO, tells GlobeSt.com he plans to invest a total of $10 million to redevelop and lease up the assets, which have an aggregate of 391,108 sf. Robert Griffin, Geoffrey Millerd, Michael d’Hemecourt and Gary Gabriel of Cushman & Wakefield’s capital markets group in Boston, represented New Hyde Park, NY-based Kimco in the transaction and also found the buyer. Millerd, C&W senior director, says all three properties have the fundamentals of “maximum visibility and convenient access.”

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