AUSTIN, Texas--(BUSINESS WIRE)--World Class Capital Group, LLC, an Austin-based national real estate investment firm, announced today that it has acquired a shopping center portfolio consisting of eight properties throughout the Midwest totaling approximately 1.2 million square feet. The properties are located in Illinois, Iowa, Missouri and Oklahoma. The seller was Kimco Realty Corporation, a real estate investment trust (REIT) headquartered in New Hyde Park, New York, that owns and operates North America’s largest publicly traded portfolio of neighborhood and community shopping centers.
Most of the properties are large shopping centers occupied by Home Depot, Ross, TJ Maxx, Big Lots, Marshall’s, Office Depot, and other big-box retailers. The portfolio is spread across major markets across the Midwest including Chicago, Kansas City, St. Louis, Des Moines, and Oklahoma City. The portfolio is currently 93% occupied.
“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.”
This sizeable retail acquisition adds another piece to an already diverse and rapidly growing national portfolio for World Class Capital Group. Last month, World Class acquired Manhattan Place, an approximately 140,000 square foot shopping center in New Orleans from Weingarten Realty. World Class has acquired over 3 million square feet of real estate in 2014, and now owns and operates a portfolio spanning 15 states and over 25 markets.
About World Class Capital Group, LLC
World Class Capital Group, LLC is a leading privately-owned, national real estate investment firm based in Austin, Texas, with an office in New York, New York. The firm pursues opportunities in all U.S. markets and has a distinct focus on value-add and core plus real estate investments. World Class targets investments across a broad range of asset types through single-asset and portfolio acquisitions and is also an active acquirer of real estate debt.
WCCG’s primary focus is the acquisition of complex or undervalued real estate assets with the opportunity to create value through repositioning, redevelopment or leveraging its exceptional property and asset management platform to create operational efficiencies. WCCG’s portfolio includes investments in office, retail, industrial, multifamily, self-storage and land. Please visit our website for more information www.wccapitalgroup.com.