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9/21/26
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Kimco Realty Corporation, along with an institutional joint venture partner advised by J.P. Morgan Asset Management, have obtained new financing of $154.1 mil on six-property, 1.31 msf retail portfolio spanning California, Arizona and Georgia.
The portfolio includes Morena Plaza in San Diego, Rancho San Diego in El Cajon, Vail Ranch Plaza and Redhawk Towne Center in Temecula, North Decatur Station in Decatur and The Summit at Scottsdale in Scottsdale.
The portfolio is 99% occupied with a 4.6-year weighted average lease term and features dominant grocery anchors including Costco, Walmart, Whole Foods, Sprouts Farmers Market and Safeway. The properties collectively draw more than 17 million annual consumer visits, with anchor locations consistently ranking in the top 5% to 10% nationally by visits within their respective banners. National tenants occupy approximately 76% of the portfolio's gross leasable area, with 46% of the tenant roster comprising investment-grade credit.
The portfolio properties are strategically positioned in affluent first-ring suburbs with average household incomes ranging from $140k to $228k and average home values from $567k to $1.2 mil within their respective trade areas. Each property benefits from high barriers to entry driven by established residential density in premier locations.
A JLL Capital Markets team led by Senior Managing Director Chris Drew and Managing Director John Marshall, along with Directors Wells Waller and Jarrod Howard and Analysts Gabriel Davenport and Preston Bacon, arranged the new financing.
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