Kimco Realty Acquires Two Dominant Grocery-Anchored Centers in Louisville
Key Highlights
- ➤Kimco Realty (KIM) acquires two Louisville centers for $295 million
- ➤Acquired at 6% blended cap rate, exceeding 2026 disposition average by over 100 basis points
- ➤NOI underwritten to grow approximately 4% annually over the next decade
- ➤Louisville portfolio expands to three grocery-anchored centers totaling 911,000 square feet
- ➤Acquisitions primarily funded with 1031 proceeds, keeping leverage neutral
Expert Statements
Conor Flynn, Chief Executive Officer of Kimco Realty
“Paddock Shops and Shelbyville Road Plaza are exactly the kind of centers we want to own: grocery-anchored, in the strongest trade areas of a supply-constrained market”
Conor Flynn, Chief Executive Officer of Kimco Realty
“We sold lower-growth assets and reinvested the proceeds into higher-growth opportunities that strengthen our presence in a market we find very attractive.”
Conor Flynn, Chief Executive Officer of Kimco Realty
“These centers also offer meaningful embedded upside through the recapture of below-market leases and the opportunity to further enhance the tenant mix with dynamic brands and specialty retailers.”
Ross Cooper, President and Chief Investment Officer of Kimco Realty
“Louisville is a market we’ve targeted, and these centers give us meaningful scale in one of the strongest retail corridors”
Ross Cooper, President and Chief Investment Officer of Kimco Realty
“We see significant opportunity to leverage our One Kimco platform to expand occupancy, drive rent growth and unlock additional value at both properties.”
Ross Cooper, President and Chief Investment Officer of Kimco Realty
“Owning Paddock Shops, Shelbyville Road Plaza and Festival at Jefferson Court makes us the first call for retailers entering or expanding in Louisville.”
JERICHO, N.Y., Nov. 02, 2026 (GLOBE NEWSWIRE) -- Kimco Realty(®) (NYSE: KIM) today announced the $295 million acquisition of Paddock Shops and Shelbyville Road Plaza, two grocery-anchored, open-air shopping centers in Louisville’s East End, home to the metro’s most affluent and desirable trade area. Anchored by Trader Joe’s and The Fresh Market, the centers total over 741,000 square feet and each draw over 4 million annual visits, according to Placer.ai. Combined with Festival at Jefferson Court, the company’s existing Kroger-anchored center, the acquisitions establish Kimco’s dominant grocery-anchored presence in Louisville.
“Paddock Shops and Shelbyville Road Plaza are exactly the kind of centers we want to own: grocery-anchored, in the strongest trade areas of a supply-constrained market,” said Conor Flynn, Chief Executive Officer of Kimco Realty. “We sold lower-growth assets and reinvested the proceeds into higher-growth opportunities that strengthen our presence in a market we find very attractive. These centers also offer meaningful embedded upside through the recapture of below-market leases and the opportunity to further enhance the tenant mix with dynamic brands and specialty retailers.”
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