WASHINGTON (dpa-AFX) - Kimco Realty Corporation (KIM) on Thursday stated that it has acquired Stonebridge at Potomac Town Center for $172.5 million.
The company said that this acquisition of Stonebridge which is a 96%-occupied, 504,000-square-foot, grocery-anchored lifestyle center in Woodbridge Virginia, grants a variety of growth prospects, like, the potential to develop three out-parcel retail buildings, increasing density through mixed-use development, and enhancing the existing merchandising mix through the recapture of below-market leases.
Ross Cooper, Kimco's President and Chief Investment Officer said, 'We're excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio. This center boasts a robust growth profile that will complement and solidify Kimco's position as the leading retail player in the suburban Washington D.C. market.'
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