New Look, Ownership at Shops at Kenilworth | Kimco Sells WV Retail Center to Canadian REIT

A rendering of the redesign at The Shops at Kenilworth

TOWSON, MD—Greenberg Gibbons is steadily building out its footprint in Maryland. Besides its recent $34.5 million acquisition of Reisterstown Shopping Center, the company is buying out the remaining ownership in The Shops at Kenilworth, a 142,000-square foot mall. Greenberg Gibbons acquired a stake in the mall in 2014 from Towne Metropolitan based in Cincinnati, Ohio.  At the time Greenberg Gibbons said it expected to buy out the remaining share from Towne Metropolitan and invest in a rehab of the aging but still popular mall. That day is here: the company has announced it will close on the purchase in April. It also announced plans to invest $20 million in the mall’s renovation. Plans call for the addition of a 20,000-square foot, three-level marketplace that will feature a wine bar and several dining options, as well and a rooftop garden. Changes to the concrete exterior include opening up the structure for more natural light and improving the flow of foot traffic. The project should deliver by summer 2017.

Charles Town Plaza

Kimco Sells West Virginia Retail for $21M CHARLES TOWN, WV—Canada’s Slate Retail REIT has entered into a binding agreement with Kimco Realty Corp., a REIT based in New Hyde Park, NY, to acquire Charles Town Plaza for $20.9 million, or $100 per square foot.  The property is 99% occupied and anchored by Wal-Mart. Other tenants include Staples, Dollar Tree, Rent-A-Center, Goodwill and Sally Beauty Supplies. The transaction is expected to close this month. Based in Toronto, Slate Retail REIT has been focused on building out a US-based grocery-anchored portfolio. Last year, to cite a few examples, it entered into agreements to acquire the North Branch Marketplace in the Minneapolis-Saint Paul area for $20.9 million, the Little River Pavilion in Little River, South Carolina for $10.1 million, and the Meres Town Center in Tarpon Springs, in Florida’s greater Tampa area, for $7.6 million.