LI Real Estate Company Buys 8 Shopping Centers For $375 Million

NASSAU COUNTY, NY — Jericho-based Kimco Realty has acquired eight shopping centers on Long Island — seven in Nassau County — from family-run company Kabro Associates for $375.8 million, the company announced in a news release last week. The buy includes The Gardens at Great Neck, Woodbury Common, The Market Place, Stop & Shop Shopping Center, Southgate Shopping Center, Green Cove Plaza and Syosset Corners.

Kimco is the largest publicly-traded owner of grocery store-anchored shopping centers. The company funded the purchase partially from selling its shares in Albertsons.

“This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely populated, suburbs that offers high barriers to entry and affluent communities,” Conor Flynn, Kimco’s CEO said.

Kabro Associates, based in Woodbury, has owned the eight centers for several generations as a private family company. The company plans to wind down operations, partner Neal Kaplan told Newsday, after 70 years of operation.

The shopping centers are home to grocery stores, TJMaxx, GoHealth Urgent Care, Rite Aid, Starbucks, Dunkin’ Donuts, and Chipotle and other retailers, and are over 90 percent leased, Kimco said.