Kimco Realty acquires Jantzen Beach an open-air shopping center in Portland, Oregon for $131.8 million
NEW HYDE PARK, N.Y., 2017-Jul-11 — /EPR Retail News/ — Kimco Realty Corp. (NYSE:KIM) today (7/10/2017) announced the post-second quarter acquisition of Jantzen Beach, a 96%-occupied, 746,000-square-foot, open-air shopping center on 67 acres in Portland, Oregon, for $131.8 million, or $177/square foot, substantially below replacement cost. Jantzen Beach is the company’s eighth property in the Portland-Vancouver-Hillsboro MSA, expanding Kimco’s concentration in a top 25 market where it also maintains a regional office.
“Jantzen Beach is a flagship asset located in a coastal, in-demand market with significant barriers to entry,” said Ross Cooper, President and Chief Investment Officer of Kimco Realty. “This asset exemplifies a key component of our strategic 2020 Vision to upgrade the quality of our portfolio with selective acquisitions funded by disposition proceeds.”
The center features a prime collection of national tenants in today’s strongest retail categories, including Home Depot, Target, TJ Maxx, HomeGoods, Ross Stores, Burlington, Petco, Best Buy, DSW and Michaels. Jantzen Beach sits along Portland’s busy I-5 artery, with traffic counts of over 128,000 cars per day. As one of the only major shopping centers in the region, the center’s trade area extends over 10 miles, reaching into neighboring Washington State, and its sales tax-free shopping attracts approximately five million visits per year. Furthermore, Jantzen Beach is located within the Urban Growth Boundary of Portland, which serves to control urban expansion and poses a formidable barrier to entry in this desirable market.
The Jantzen Beach acquisition will expand the company’s future redevelopment pipeline through potential outparcel development of two 6,000-square-foot pad buildings, and mixed-use densification opportunities supported by flexible zoning. The center also offers strong mark-to-market upside from several below-market anchor leases.
Kimco also reported its transaction activity for the second quarter of 2017:
Acquisitions: The company acquired a parcel adjacent to its Augusta Exchange shopping center in Augusta, Georgia, for a gross purchase price of $700,000. The land acquisition is an excellent redevelopment opportunity for an outparcel that will complement the existing tenant mix. Kimco’s share of the purchase price was $340,000.
Dispositions: Kimco disposed of interests in nine shopping centers, totaling 892,000 square feet, and two land parcels for a gross sales price of $155.8 million. Kimco’s share of the sales price was $128.1 million. With these dispositions, the company has exited the states of Maine and Louisiana.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of June 30, 2017, the company owned interests in 510 U.S. shopping centers comprising 84 million square feet of leasable space across 32 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.
SAFE HARBOR STATEMENT
The statements in this news release state the company’s and management’s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates and management’s ability to estimate the impact thereof, (vii) risks related to the company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common stock, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s SEC filings. Copies of each filing may be obtained from the company or the SEC.
The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2016, as may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings with the SEC, which discuss these and other factors that could adversely affect the company’s results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Source: Kimco Realty Corporation
Casper expands virtual food hall model with Franklin Junction’s Host Kitchen® technology
GHENT, 14-Mar-2023 — /EuropaWire/ — Franklin Junction partners with Casper, a modern day food hall offering 100% virtual orders for takeout and delivery, to expand iconic American restaurant brands to Benelux and France. Franklin Junction founder, Rishi Nigam, and Casper founder, Matthias Laga, presented their expansion plans at the recent International Ghost Kitchen Conference in Amsterdam, Netherlands.
Franklin Junction has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023 as they continue to deliver innovative technology solutions for restaurants in the US and now abroad. Leading the way with their proprietary Host Kitchen® model, Franklin Junction has grown into a full suite of solution services to empower restaurant success in the digital age. In 2022, Franklin Junction introduced its AI-powered digital food hall that allows consumers to order food and earn loyalty from multiple concepts in a single transaction and delivery.
“As industry leaders driving the growth of American restaurant brands in new markets, we have received a tremendous amount of interest to expand to the European market for a few years now,” shares Franklin Junction CEO Rishi Nigam. “After getting to know Matthias and the entire Casper team over the past year, we have full confidence that they are a trusted partner to expand globally with and we’re thrilled to bring iconic American fare to new diners across Europe.”
Casper launched in Ghent, Belgium and raised €5 million for their Series A in 2022 with the objective of creating a hybrid restaurant and food hall model where customers can walk-in to place orders for takeout or order through digital channels for delivery. In just a short time, Casper has expanded to over 10 locations in Belgium, the Netherlands, and France, with an expansion goal of 50 kitchens by 2024.
“We’re very excited to partner with Franklin Junction and begin by introducing Nathan’s Famous’ authentic New York flavors to our European customers in the coming weeks,” states Matthias Laga, Co-founder and CEO of Casper. “Franklin Junction uniquely understands restaurants, multi-concept food halls, and restaurant eCommerce and their proprietary processes are extremely virtuous for all stakeholders.”
coop & spree launches a retail, business, and sports podcast called coop convos
The Retailer will interview CEOs, influencers, and professional athletes on a weekly basis
New York, New York, USA, 2022-Dec-23 — /EPR Network/ — coop & spree, the New York City based contemporary retailer, has launched a podcast called coop convos, which is all things business, retail, sports and wellness. Coop convos is hosted by coop & spree CEO and founder, Brooke S. Richman, who will interview various business leaders, tastemakers, and influencers in their aforementioned industries. Since Richman is an avid New York Knicks Fan (the Spree in coop & spree comes from her childhood pup’s name which paid homage to former Knick, Latrell Sprewell), she’s even interviewed and secured some former NBA stars.
The Podcast is available on over 10 platforms, and the first episode will likely air February 1st, 202 depending on the rifting process. To date, Richman has secured over 35 prestigious guests and has already recorded episodes with Stephanie Gottlieb, founder of Stephanie Gottlieb Fine Jewelry, Dale Stabler, wellness entrepreneur and co-founder of Sweats + The City, co-founder of the Orro + Theheard apps, and Allan Houston, the 2x NBA All-Star for the New York Knicks, Olympic Gold Medalist, and founder of FISLL,
Notable confirmed guests include Emily Faith Strauss, founder and designer of EF Collection, Helen Hall-Leland, CEO of Blender Bombs and Hustle Smoothie Bar, Alexa Leigh Meyer Mufson, founder and designer of Alexa Leigh, and John Wallace, former NBA star, current investor, philanthropist and New York Knick radio host.
During the start of the pandemic in March 2020, Richman moved temporarily from her NYC apartment to her childhood home in Greenwich, CT, where she learned how to code and created her e-comm website, coopandspreevip.com. Since her Elizabeth Street store in NYC was closed due to the pandemic, she had all her vendors ship her orders to her CT home where she fulfilled them. When she wasn’t opening new merchandise or packaging her clients’ orders, she would use Instagram live as a way to engage with her coop & spree audience, since she no longer could interact with them in person. She decided to start interviewing different designers and influencers, many of whom she knew and many of whom she had never met, and she absolutely loved it. So did her audience. It turned into a weekly tradition and the rest, as they say, is history. Not only did these weekly IG TV “interviews” create much needed connection at a time of unprecedented isolation, but also, they provided Richman, and coop & spree, with a new way of engaging with both customers and vendors.
Coop convos has the same format as Richman’s IG lives, where Richman focuses on each guest’s career path and personal story, in a relaxed format, that seems less like an interview and more like two old friends catching up. While the Podcast’s main goal is to provide valuable and informative insights and resources to those specifically interested in entrepreneurship, retail, sports, and wellness, Richman promises it’s also filled with lighthearted banter and just the right number of laughs.
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ABOUT COOP & SPREE
coop & spree, the brainchild of founder and CEO Brooke S. Richman, first opened in August 2014 in downtown New York City’s Nolita neighborhood as a multi-brand contemporary women’s apparel, accessory, and jewelry boutique. While it was solely brick-and-mortar by design when it opened, coop & spree had to pivot during the COVID-19 pandemic and is now a full-fledged omni-channel retailer with over 70 brands. It operates both a physical store in New York City’s NoHoc neighborhood, via appointment only, and has an e-commerce shopping site. In addition to selling women’s contemporary apparel, accessories, and jewelry, coop & spree has expanded its product offering to include an extensive assortment of children’s apparel and accessories, health and wellness products, paper goods, novelty items and more. coop & spree was just listed this month as a winner on the Inc. Magazine’s Best of Business 2022 list in the “Lean and Mean” category due to its unwavering commitment to philanthropy, specifically to NYC based non-profits which help underprivileged youths in NYC. It’s been featured in publications such as Women’s Wear Daily, The New York Times, US Weekly, Huffington Post, Business Insider and more.
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ContactPigeon expands in Cyprus and sponsors the 14th e-Commerce Conference
NICOSIA, Cyprus, 2022-Sep-28 — /EPR Network/ — ContactPigeon, one of the leading omnichannel customer engagement platforms for retailers in Europe and the USA, expands its operations in Cyprus. By building up a special team of professionals that will be based in the neighboring country, ContactPigeon will be providing its customer engagement services to its cross-industry clients that are operating there. With this expansion, the Greek startup aims to consolidate its reach to the thriving Cyprus market.
Furthermore, ContactPigeon becomes an official sponsor for the 14th e-Commerce Conference that took place in Nicosia, Cyprus on the 20th of September 2022.
The E-Commerce Conference by IMH is a benchmark for the e-commerce industry in Cyprus. With industry experts as keynote speakers and leading businesses as sponsors and participants, the conference presents the upcoming, international trends in the e-commerce sector as well as case studies that provide attendees with valuable knowledge and insights. The 14th E-Commerce Conference is addressed to entrepreneurs, Commercial Managers, Marketing & Communication and advertising professionals, Digital Managers, and also those who are interested to start operating in the e-Commerce sector.
This year, the participants had the opportunity to meet with ContactPigeon members at its booth and learn about the company’s activities and the benefits of its omnichannel customer engagement platform.
ContactPigeon empowers marketing leaders and business owners with the only omnichannel customer engagement platform built for retailers. The platform is designed to deliver perfectly timed and personalized messages for each customer, regardless of whether the point of contact is offline or online. The company has been awarded numerous industry awards and distinctions since 2015 and is also a member of the Pledge 1% corporate philanthropy movement. Its client base consists of hundreds of retailers in Europe and the USA such as Fujitsu, Tommy Hilfiger, GAP, and L’OREAL.
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