Target to anchor ground-up development project in Houston
NEW HYDE PARK, NEW YORK, 2016-Mar-03 — /EPR Retail News/ — Kimco Realty Corp. (“Kimco”) (NYSE: KIM) is pleased to announce the sale of 9.2 acres of land to Target Corporation for the construction of a new store in Kimco’s Grand Parkway Marketplace, a development in Spring, Texas (Houston-The Woodlands-Sugar Land, Texas metropolitan statistical area). Target will be an anchor retailer for this project.
The property is located at the interchange of Grand Parkway and Kuykendahl Road, a rapidly growing area near the Exxon Corporate Campus that features direct exposure to the new segment of the Grand Parkway, which extends from I-290 to I-45, and opened in early February of 2016.
The Grand Parkway Marketplace development is currently 75% pre-leased based on leases in progress and signed letters of intent, including six leases with national, best-in-class junior anchors. The center is expected to draw from the highly desirable Woodlands area, and boasts excellent demographics with a population of 168,000 people and an average household income exceeding $100,000 within a 5-mile radius.
“We are excited to have Target anchor our Grand Parkway Marketplace development project. Based upon the strong retailer demand, we will create a unique open-air shopping center that will feature an exceptional first-class line-up of national tenants and local favorites in one of our core major metro markets,” said Conor Flynn, President and Chief Executive Officer of Kimco. “This project is just part of our overall 2020 Vision focused on creating value through selective development and redevelopment opportunities.”
Kimco anticipates beginning construction of the 450,000 square-foot open air center in the summer of 2016 with the opening scheduled for the spring of 2017.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of December 31, 2015, the company owned interests in 564 U.S. shopping centers comprising 90 million square feet of leasable space across 38 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Kimco Realty Corp.
David F. Bujnicki
Senior Vice President, Investor Relations and Corporate Communications