CHICAGO—The Kimco Realty Corp. owns and operates North America's largest publicly traded portfolio of neighborhood and community shopping centers and has been selling a lot of property recently. As reported in GlobeSt.com, the company recently unloaded several major retail centers in Florida, and now has made a big sale of properties scattered throughout the Midwest.
World Class Capital Group, LLC an Austin-based investment firm, has bought eight Kimco shopping centers located in suburban Chicago, Kansas City, St. Louis, Des Moines, and Oklahoma City. Tenants occupy about 93% of the 1.2-million-square-foot portfolio. The terms of the transaction were not disclosed. Most of the properties are large shopping centers occupied by Home Depot, Ross, TJ Maxx, Big Lots, Marshall's, Office Depot, and other big-box retailers.
“This purchase from Kimco will allow us to increase our presence across the Midwest for our growing national retail property operating platform,” says Nate Paul, president and chief executive officer of World Class. “We plan to maximize value by performing capital improvements to the properties, filling vacancies, and developing pad sites across the portfolio.”
The properties purchased included:
- Calumet Center – Calumet City, IL
- Neil Street Shopping Center – Champaign, IL
- Belleville Plaza – Belleville, IL
- Independence Plaza – Independence, MO
- Kansas Center – Kansas City, MO
- Broadway Plaza – Edmond, OK
- Home Depot Center – Des Moines, IA
- Waterloo Plaza – Waterloo, IA
World Class has been on a bit of a buying spree. Last month, it acquired Manhattan Place, a roughly 140,000-square-foot shopping center in New Orleans from Weingarten Realty. The company has acquired over 3-million-square-feet of real estate in 2014, and now owns and operates a portfolio with properties in 15 states and over 25 markets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
