BOSTON, MA - April 30, 2014 - HFF announced today that it has closed the sale of a 24-property, 1.4 million-square-foot retail portfolio located in the greater Boston area, New Jersey and Connecticut.
HFF exclusively marketed the portfolio on behalf of G.P.B. Holdings, LLC and introduced the buyer, Kimco Realty Corporation (NYSE: KIM), who purchased the properties for $270 million including the assumption of approximately $121 million of debt.
The overall portfolio was 96 percent occupied and anchored by a variety of national and regional credit tenants including Walmart, Kohl's, Lowe's, Whole Foods, Trader Joe's, Petco, Pier 1 Imports, Walgreens, CVS as well as Kings and Aldi supermarkets. Twenty-one of the properties are located in Massachusetts, two are in New Jersey and one is located in Connecticut. Several included irreplaceable, core locations such as the Trader Joe's near Harvard and M.I.T. on Memorial Drive in Cambridge, Massachusetts and a Whole Foods in close proximity to Boston College and Boston University in Brighton, Massachusetts.
The HFF investment sales team representing the seller was led by senior managing director Jim Koury and executive managing director John Fowler.
According to Koury, "This was unique opportunity to acquire a critical mass of retail property located in Boston's inner suburbs where it is rare to see the transfer of retail ownership. In addition to being well located, the overall portfolio will provide Kimco with good opportunity to grow the cash flow over their investment horizon. It's been personally satisfying to have originally orchestrated the sale of this same portfolio back in 1996 and again now in 2014. I'm positive Kimco will be as successful with the portfolio as the previous owners."
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.