Kimco Realty acquires two Louisville grocery‑anchored shopping centers for $295 million
Kimco Realty announced the purchase of Paddock Shops and Shelbyville Road Plaza in Louisville for $295 million. The two centers total 741,000 sq ft and are 94% and 92% leased, respectively. The acquisition was funded primarily with 1031 exchange proceeds and was bought at a 6% blended cap rate. Kimco expects to grow the properties’ net operating income about 4% per year over the next decade.
Why it matters
Kimco says the deal expands its presence in a high‑traffic, supply‑constrained market and should lift its NOI by roughly 4% annually, according to the company’s press release. The self‑funded, leverage‑neutral structure means the acquisition does not increase the REIT’s debt load.
Key facts
- 1Kimco purchased the two centers for $295 million. tradingview.com
- 2The combined size of the acquired properties is 741,000 sq ft. tradingview.com
- 3Paddock Shops is 94% leased. tradingview.com
- 4Shelbyville Road Plaza is 92% leased. tradingview.com
- 5The acquisition was made at a blended going‑in cap rate of 6%, about 100 basis points above Kimco’s 2026 disposition average. stocktitan.net
- 6Kimco underwrites NOI growth of approximately 4% per year for the next ten years. stocktitan.net
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.