Eight Long Island shopping centers sell for $375M

New York, Nov. 15, 2022 – JLL Capital Markets announced today that it has closed the $375 million sale of an eight-property, retail shopping center portfolio located across Long Island in Great Neck, Woodbury, Massapequa Park, Greenvale, West Islip and Syosset.

JLL marketed the property on behalf of the seller, Kabro Associates. Kimco Realty acquired the assets.

The properties include:

·       Gardens at Great Neck (2-50 Great Neck Rd., Great Neck, NY)

·       Woodbury Common (8285 Jericho Turnpike, Woodbury, NY)

·       The Marketplace (8063 Jericho Turnpike, Woodbury, NY)

·       Stop & Shop (8101 Jericho Turnpike, Woodbury, NY)

·       Southgate Shopping Center (4900-4966 Merrick Rd., Massapequa Park, NY}

·       Green Cove Plaza (90 Northern Blvd and 1-5 Glen Cove Road, Greenvale, NY)

·       Sequams Shopping Center (420-460 Montauk Highway, West Islip, NY)

·       Syosset Corners (103-129 Jackson Ave., Syosset, NY)

All eight properties benefit from irreplaceable, ultra-infill markets, boasting some of the best demographic profiles in the country. The portfolio features an average occupancy of 94.4 percent and offers a diverse mix of grocery-anchors, including Holiday Farms, Stop & Shop and King Kullen.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Jose Cruz, Christopher Munley, Andrew Scandalios and James Galbally, Managing Director Steve Simonelli, Senior Director Colin Behr and Director J.B. Bruno.

"Our team was fortunate to have had the opportunity to partner with Kabro Associates to execute the disposition of this dynamic shopping center portfolio located in best of the best markets and premier locations throughout Long Island," said Munley. "We are excited to watch the continued evolution and growth of these assets under Kimco’s management, and grateful to have worked alongside such high-quality professionals throughout the process.”

“We are seeing strong activity on well located grocery-anchored retail in today’s economic environment given the stability of the tenancy and upside in the cash flow,” said Cruz. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For decades, Kabro Associates has been serving the Long Island business community by developing, managing and offering ideal commercial and retail properties for regional and national companies.

Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2022, the company owned interests in 526 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.