NEW HYDE PARK, N.Y. -- Kimco Realty Corp. (NYSE: KIM) has acquired a portfolio of 10 shopping centers from its joint venture with SEB Asset Management for $275.8 million, including the assumption of $193.6 million of mortgage debt.

Kimco, which previously held a 15 percent ownership interest in these properties, paid approximately $69.8 million for the remaining 85 percent equity interest held by SEB Asset Management, the group�s specialist real estate manager.

The 1.4 million-square-foot portfolio is located in markets in the Mid-Atlantic region. The predominantly grocery-anchored portfolio is 95.4 percent occupied and its anchors include Giant Food, Harris Teeter, Weis Markets, Safeway, Food Lion with Kroger and Sam's Club as shadow anchors. The properties also feature a well-known lineup of national retailers including Ross Stores, Bed Bath & Beyond, Marshalls, Kohl's, PetSmart, and Michaels with Target and Lowes as shadow anchors.

This transaction represents the third joint venture portfolio acquisition by Kimco in 2014. Year to date, the company has added 25 joint venture properties with a gross value of $776.9 million and 3.2 million square feet to its wholly owned portfolio. These properties boast occupancy and average rent per square foot of 96.3 percent and $16.71, respectively.

Kimco is a publicly traded real estate investment trust, which owns and operates a portfolio of neighborhood and community shopping centers. As of March 2014, the New Hyde Park, N.Y.-based company owned interests in 835 shopping centers comprising 122 million square feet of leasable space across 42 states, Puerto Rico, Canada, Mexico and South America. Kimco has specialized in shopping center acquisitions, development and management for more than 50 years.

Kimco's stock price closed Wednesday, July 16, at $23.35 per share, up from $22.56 per share this time last year.

-- Danielle Everson

NEW YORK CITY -- Eastern Consolidated has arranged the sale of a three-lot land assemblage in the Rockefeller Center area of Midtown Manhattan. HID Acquisition Group, affiliated with Hidrock Realty, acquired the property, which is targeted for residential condo development for $47 million, or $522 per buildable square foot. The assemblage consists of three 25-foot-wide lots: 12 E. 48th Street, 14 E. 48th Street and 13 E. 47th Street. 

The assemblage allows for 75,300 residential buildable square feet as of right now, and a total buildable residential envelope of approximately 90,000 square feet if the development is in compliance with the recreation facility bonus in the zoning district. HID Acquisition plans to raze the three existing vacant office buildings and develop a 31-story residential tower on the E. 48th St. entrance. 

The project will include a mix of studio units, one- and two-bedroom apartments and amenities, specifically targeting the international pied-a-terre market. R. Stuart Gross of Eastern Consolidated represented both the buyer and the seller, East 47th Street LLC (City Centre Properties), in the transaction. Morris Missry of Wachtel Missry LLP was the attorney for the buyer, and Peter Koffler of Venable LLP was the attorney for the seller.

The three-building, 525,000-square-foot office campus is occupied by JP Morgan Chase, Barclays Capital and Lord Abbett.

WHIPPANY, N.J. -- Vision Real Estate Partners has completed the renovation and rebranding of The Crossings at Jefferson Park, located at 115 S. Jefferson Road in Whippany. Situated on 65 acres, the three-building campus offers 525,000 square feet of Class A office space. JP Morgan Chase, Barclays Capital and Lord Abbett occupy the property. A partnership between Vision Real Estate Partners and Rubenstein Partners acquired the property last year and recognized the opportunity to tap into the existing enhanced electrical, HVAC and fiber infrastructure to create a corporate campus. Master planned by Ka Architects, the project included demolishing a 140,000-square-foot data center building and replacing it with landscaped green space. The owners also redeveloped the 150,000-square-foot 200 Building and created a new entry, lobby, fitness center, cafeteria and common areas.

The 30-acre office campus is occupied by Norwalk Hospital, LA Fitness and Cannondale Sports Group.

NORWALK, CONN. -- Livingston, Conn.-based Mark Scott's Commercial Mortgage Capital has closed a $94 million permanent loan for i.Park Norwalk, located at 761 Main Ave. in Norwalk. Situated on a 30-acre campus, the 365,866-square-foot office building is occupied by Norwalk Hospital, LA Fitness and Cannondale Sports Group, a leading bicycle manufacturer. The property recently underwent a multi-million dollar capital improvement program to transform the building into an efficient, high-tech campus. i.Park Norwalk features oversized windows, high ceilings and flexible layout with expansion options, as well as sustainable design features such as an eco-roof with solar panels, ENERGY STAR windows and energy efficient HVAC systems.

PLAINSBORO, N.J. -- Ivy Realty has completed the disposition of 100 College Road West in Plainsboro. An affiliate of American Realty Capital purchased the 154,101-square-foot office building for $63.5 million. The three-story building is fully occupied by pharmaceutical giant Sandoz, which recently signed a 12-year lease at the property for its U.S. headquarters. The property is currently undergoing significant upgrades, including a renovated lobby and cafeteria, new meeting rooms, office space fit-outs and improvements to achieve LEED Silver certification. Andrew Merin, David Bernhaut, Gary Gabriel and Grace Braverman of Cushman & Wakefield's East Rutherford, N.J. office represented the seller in the transaction.

The 17-unit multifamily property sold for $3.4 million, or $200,000 per unit in Brooklyn.

NEW YORK CITY -- Marcus & Millichap has brokered the sale of 146 Fenimore Street, an apartment building located in Brooklyn. The 17-unit property sold for $3.4 million, or $200,000 per unit. Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.

Located in New York's Meatpacking district, the 55,000-square-foot building features six floors, as well as a cellar and roof space.

NEW YORK CITY -- Samsung Electronics North America has signed a long-term lease for 837 Washington Street in New York's Meatpacking district. Situated between Little West 12th and West 13th streets, the 55,000-square-foot building features six floors, as well as a cellar and roof space. Additionally, the property features 7,000 square feet of outdoor space on the second and third floors and rooftop. Craig Reicher, James Ackerson, David Liggitt and Patrick O'Keefe of CBRE Group represented the tenant, while Thor Equities, Newmark Grubb Knight Frank and Taconic Management Co. represented the landlord in the transaction.

NEWARK, IRVINGTON, CARTERET AND UNION, N.J. -- Gebroe-Hammer Associates has arranged three separate multifamily deals in Newark, Irvington and Carteret, as well as the sale of a three-unit retail center in Union. In the first transaction, 158-160 Second Ave. in Newark, an 18-unit apartment building, sold for $1.21 million. David Jarvis of Gebroe-Hammer represented the seller and identified the buyer in the transaction. In Irvington, David Oropeza of Gebroe-Hammer arranged the sale of the six-unit 444 Nye Ave. Additionally, Joseph Brecher of Gebroe-Hammer brokered the $1.74 million sale of 7-11 Byron St., an 18-unit apartment building in Carteret. Finally, Jarvis and Stephen Tragash brokered the sale of three commercial units at 1026, 1030 and 1036 Stuyvesant Ave. in Union.

Matt Valley, Editorial Director 

 Northeast Real Estate Business

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