BOSTON—HFF has closed the sale of a 24-property, 1.4 million-square-foot retail portfolio located in the greater Boston area, New Jersey and Connecticut. The property was sold for $270 million—including the assumption of approximately $121 million of debt.
HFF exclusively marketed the portfolio on behalf of G.P.B. Holdings, LLC and introduced the buyer, Kimco Realty Corp., to the seller. The HFF investment sales team representing the seller was led by senior managing director Jim Koury and executive managing director John Fowler.
The overall portfolio was 96% occupied and anchored by a variety of national and regional credit tenants including Walmart, Kohl's, Lowe's, Whole Foods, Trader Joe's, Petco, Pier 1 Imports, Walgreens, CVS as well as Kings and Aldi supermarkets. Massachusetts plays host to 21 of the properties, two are in New Jersey and one is in Connecticut. Several included irreplaceable, core locations such as the Trader Joe's near Harvard and MIT on Memorial Drive in Cambridge, Mass. and a Whole Foods in close proximity to Boston College and Boston University in Brighton, Mass.
Says Koury, “This was 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. In addition to being well located, the overall portfolio will provide Kimco with good opportunity to grow the cash flow over their investment horizon.
He continues, “It's been personally satisfying to have originally orchestrated the sale of this same portfolio back in 1996 and again now in 2014. I'm positive Kimco will be as successful with the portfolio as the previous owners.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
