Kimco Realty acquires Christown Spectrum

Phoenix-Mesa-Scottsdale, Ariz. -- Kimco Realty Corp. announced that it purchased Christown Spectrum power center in the Phoenix-Mesa-Scottsdale, Arizona for $115.3 million. The property is an 850,000 sq. ft. center situated one mile east of Interstate 17 and lies adjacent to the second-busiest light rail station in Phoenix.



Christown Spectrum is 94% occupied and is located at the retail corner of West Bethany Home Road and North 19th Avenue in one of the most densely populated areas in the Phoenix metro. The center is anchored by a Wal-Mart Supercenter, Costco and SuperTarget; the only center in the U.S. to boast all three retailers. Additional tenants include: Walgreens, Ross Dress for Less, PetSmart, Dollar Tree, Bank of America, Famous Footwear, GNC, Bath & Body Works, Supercuts, Taco Bell, Carl’s Jr. and Wingstop Restaurant.



According to Kimco the property offers various redevelopment and value creation opportunities including several below-market ground leases, the development of numerous pads and the expansion of leasable square footage.