GAITHERSBURG, MD–Kimco Realty has acquired Kentlands Market Square, a 251,000-square foot shopping center for $95 million. Separately, it has also bought the remaining 85% stake in a four-property joint venture portfolio that includes Doc Stone Commons in Stafford, Va.

The Kentlands Market Square transaction brings Kimco to the mid-point, or $250 million, of its projected 2017 acquisition range of $450 million to $550 million. Kentlands Market Square is currently 69.1% occupied and — perhaps more importantly in this affluent master-planned community — anchored by Whole Foods. CIO Ross Cooper devoted several minutes to the acquisition during the REIT's Q2 earnings call noting that:

This Metro DC asset provides a unique opportunity to own a highly coveted infill asset with excellent grocery sales of almost $1,300 a square foot and also has significant near-term upside and redevelopment potential.

It is also one of only two shopping centers Kentlands' commercial district. There is also the additional potential for mixed-use development and densification at the site, according to Kimco.

In a separate transaction, Kimco continued its strategy of buying out JV partners. It has acquired the 85% interest in a four-property portfolio for $170.7 million, including the assumption of $103 million in mortgage debt. It also prepaid $26 million in mortgage debt associated with the portfolio. Besides Doc Stone Commons, the portfolio includes Perimeter Expo in Atlanta, Ga., Cranberry Commons in Pittsburgh, Pa. and Cypress Towne Center in Houston, Texas.