Kimco Realty Buys Retail Center for $45M

SAVANNAH, GA-New Hyde Park, NY-based REIT Kimco Realty Corp. has acquired the 196,411-sf Chatham Plaza retail center at 7805 Abercorn St. for $44.6 million. The sellers were Golden Abercorn LLC and the Buchsbaum Co. LP.

The Kansas City-based sellers were represented by Larry Krasner, David Doupe, Cheri Pierce and Julie Davis of the Jones Lang LaSalle West Los Angeles capital markets office. “The property was being sold because it had been held by the same family that developed it in the 1970s, and the seller wanted to take advantage of the capital markets,” Krasner tells GlobeSt.com.

Chatham Plaza is 96% leased with anchor tenants including a 21,000-sf Cost Plus World Market, a 32,026-sf Linens ‘n Things and a 30,187-sf Ross Dress for Less. It also features restaurants Chili’s, Longhorn Steakhouse and Moe’s Southwest Grill.

The center, located across the street from the Oglethorpe Mall, was constructed in 1972. It was redeveloped in 2000-2001 when the former anchor tenant, Wal-Mart, was reconfigured to accommodate the new anchor tenants of Cost Plus World Market, Linens ‘n Things and Ross Dress for Less.

“This is a well-located and well-leased asset that is consistent with the type of retail properties Kimco acquires,” Krasner says. “Kimco plans to maintain the property and upgrade tenants as leases roll over.”