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Dealmaker: Kimco Realty Acquires Jantzen Beach Shopping Center for $132M
Kimco Realty Corp., New Hyde Park, N.Y., acquired Portland, Ore. open-air shopping center Jantzen Beach from Edens, Columbia, S.C., for $131.8 million.
The 96 percent-occupied, 746,000-square-foot shopping center dates to 1972. It became Kimco’s eighth property in the Portland-Vancouver-Hillsboro metro.
“Jantzen Beach is a flagship asset in a coastal, in-demand market with significant barriers to entry,” said Kimco President and Chief Investment Officer Ross Cooper. He noted the acquisition fits with the real estate investment trust’s strategic plan to upgrade its portfolio with selective acquisitions and dispositions.
Kimco sold interests in nine shopping centers totaling 892,000 square feet and two land parcels for $155.8 million during the second quarter.
More than 128,000 cars per day pass the shopping center on Portland’s I-5 artery. Retail tenants include Home Depot, Target, TJ Maxx and HomeGoods. Cooper noted that Jantzen Beach is within Portland’s Urban Growth Boundary, which and adds a barrier to entry to the market.
A Holliday Fenoglio Fowler investment sales team led by Nick Kassab and Brian Ley marketed the asset for Edens.
Kassab noted the center’s location on the Oregon-Washington border means Jantzen Beach Center pulls customers from 9 percent sales tax state Washington into no-sales-tax Oregon. “Given that opportunities to acquire a top-performing center of this size and scale in the Pacific Northwest are few and far between, the sale received significant interest from institutional investors across the country,” he said.
Kimco Realty now owns interests in 510 U.S. shopping centers comprising 84 million square feet.