Kimco Realty acquires Stonebridge lifestyle center in $172.5m deal
Kimco Realty (NYSE: KIM), the largest publicly traded owner and operator of open-air, grocery-anchored shopping centers in North America, has announced its acquisition of Stonebridge at Potomac Town Center. Located in Woodbridge, Virginia, the 96%-occupied, 504,000-square-foot lifestyle center was purchased for $172.5 million, marking a significant expansion of Kimco’s growing portfolio.
Stonebridge at Potomac: A High-Demand Retail Hub
Center Boasts Strong Demographics and Trade Area Anchored by Top-Ranking Wegmans
Stonebridge at Potomac Town Center serves an estimated population of over 230,000 people within a five-mile radius, featuring an average household income of $125,000. The shopping hub is anchored by a 138,500-square-foot Wegmans, one of Virginia’s top grocers with a trade area extending 40 miles. Additionally, the center is home to the only Apple store in the greater trade area, further enhancing its retail appeal.
Diverse Tenant Mix and Growth Prospects
National Brands and Local Shops Add Variety; Potential for Future Development Unveiled
The center’s diverse tenant mix includes leading national brands like REI, Ulta Beauty, Starbucks, Cava, and Firebirds Wood Fired Grill, as well as a host of local shops offering boutique fitness, personal services, restaurants, and medical uses. According to Ross Cooper, Kimco’s President and Chief Investment Officer, the acquisition provides several growth prospects, including the potential for additional outparcel retail buildings, increased density through mixed-use development, and enhanced merchandising mix through below-market lease recaptures.
Strategic Location Drives High Traffic
Intersections of Major Roads and Expected Government Investment to Boost Visits
Strategically located at the crossroads of I-95, Dale Boulevard, Route 1, and Opitz Boulevard, Stonebridge at Potomac Town Center attracts 5.5 million annual visits, ranking it in the 97th percentile nationally. The upcoming construction of a municipal park and ride garage adjacent to the center reflects continued government investment and is expected to further drive traffic upon its mid-2024 completion.
Kimco Realty: North America’s Leading Retail Player
Stonebridge Acquisition Strengthens Kimco’s Position in Suburban Washington D.C. Market
Kimco Realty, a leading owner and operator of open-air, grocery-anchored shopping centers, continues to solidify its status as a top retail player in suburban Washington D.C. with the addition of Stonebridge at Potomac Town Center to its dynamic portfolio. The acquisition aligns perfectly with Kimco’s growth strategy, offering a variety of growth prospects and benefiting from a high-traffic, strategic location.