World Class Capital Group, an Austin-based privately owned national real estate investment firm, has added another 1.2 million square feet to its roster with the acquisition of an eight property portfolio purchased from Kimco Realty Corp. The shopping center portfolio includes properties located in Illinois, Iowa, Missouri and Oklahoma, spread across major markets across the Midwest including Chicago, Kansas City, St. Louis, Des Moines, and Oklahoma City. Terms of the deal were not disclosed.
"We are pleased to announce that we have closed on this strategic portfolio acquisition. This purchase from Kimco will allow us to increase our presence across the Midwest for our growing national retail property operating platform," said Nate Paul, President and CEO of World Class Capital Group. "We plan to maximize value by performing capital improvements to the properties, filling vacancies, and developing pad sites across the portfolio."
At the time of sale the portfolio was 93% leased with major tenants including Home Depot, Ross, TJ Maxx, Big Lots, Marshall's, Office Depot, and other big-box retailers. World Class has been on a bit of a buying spree, according to GlobeSt.com. Last month, it acquired Manhattan Place, a roughly 140,000-square-foot shopping center in New Orleans from Weingarten Realty. The company has acquired over 3-million-square-feet of real estate in 2014, and now owns and operates a portfolio with properties in 15 states and over 25 markets.
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