Kimco Realty Corp. has sold a portfolio of nine retail centers, totaling 1.4 million sq. ft., to GarrisonGroup for an undisclosed price.
The properties are all in Ohio, and include Westerville Plaza in Westerville, Ohio and locally based Ridgewater Plaza. The nine properties feature many retailers such as Bed Bath & Beyond, Lowes Home Improvement, Office Depot, Kohl’s and TJ Maxx. Garrison has hired Select Strategies Realty, based here, to manage the properties.
Mitchell Salmon, senior vice president/director for Garrison, said in a statement that the portfolio is 90.3 percent occupied. “We believe that we have the opportunity to create value and increase income through a very focused approach to leasing, management and strategic,” he said.
The acquisition increases Garrison’s retail holdings to over 7.7 million sq. ft., adding to its existing portfolio of regional malls, lifestyle centers, and neighborhood/community shopping centers across the country. Both Garrison and Kimco are based in New York, Garrison in New York City and Kimco in New Hyde Park, NY.