Kimco Sells Sturbridge, MA Shopping Center

The Center at Hobbs Brook is anchored by a Stop & Shop supermarket.

STURBRIDGE, MA—Kimco Realty Corp. has sold The Center at Hobbs Brook shopping in Central Massachusetts to Phoenix-based Cole Credit Property Trust IV Inc. for $43.5 million. New Hyde Park, NY-based Kimco has been extremely active on both the acquisition and disposition front of late. The firm reported recently second-quarter sales of $696 million from the disposition of 34 shopping centers, totaling 4.3 million square feet, and one land parcel. The 230,590-square-foot Center at Hobbs Brook is currently 98.7% leased and anchored by a Stop & Shop supermarket. Geoffrey Millerd, Justin Smith, Matt Waisnor and Paul Penman of the Newmark Grubb Knight Frank Boston Capital Markets team oversaw the transaction of the grocery-anchored shopping center on behalf of Center at Hobbs Brook, LLC. Thomas P. Falatko, senior vice president of acquisitions of VEREIT, represented CCPT IV in the transaction. Other notable national retail tenants at the property located at the intersection of Interstates 84 and 90, include Marshalls, Michaels and Staples. “Hobbs Brook has continued to draw leading retailers in their respective categories since the project was constructed and that stability is certainly something that the acquirer found attractive,” Millerd says. In fact, Petco and Olympia Sports recently signed on at the property, bringing the complex to near fully leased. “The Center at Hobbs Brook is an example of the opportunities that exist in secondary markets – exceptional credit, strong tenant performance and attractive yields,” Smith adds. Last Thursday, Kimco reported second quarter transactions involving property acquisitions and dispositions totaling more than $1 billion. The firm sold 22 Canadian properties for $474.4 million in June and in April acquired the remaining 45% interest in the Oakwood Plaza shopping center and Dania Pointe development project in Hollywood, FL for a gross price of $299.2 million. Kimco in total sold 12 unencumbered U.S. properties in the second quarter, totaling 1.5 million square feet, for a gross sales price of $220.5 million. Kimco’s share from those sales was $194.4 million.