Kimco Realty Acquires Two Louisville Shopping Centers for $295 Million
Bitget2026/11/02 22:49- Kimco Realty acquired Paddock Shops and Shelbyville Road Plaza, two grocery-anchored shopping centers in Louisville, for $295 million.
- The low 6% blended going-in capitalization rate exceeds the approximately 5% average rate on 2026 dispositions by over 100 basis points.
- The leverage-neutral transaction was primarily funded with 1031 exchange proceeds from those dispositions.
- Net operating income is underwritten to grow approximately 4% annually over the next 10 years, supported by below-market leases and tenant changes.
- The acquisitions expand its Louisville portfolio to three grocery-anchored centers totaling 911,000 square feet.
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