VALLEJO -- Two East Coast investors today said they purchased Park Place, a 150,766-square-foot neighborhood shopping center in Vallejo, as part of a $68 million acquisition of 837,183 square feet in five properties across the country.
Bon Aviv Investment LLC of Englewood, N.J., and Zamias Services Inc. of Johnstown, Penn., also purchased four other centers from Kimco Realty Corp.: The Center in Stockton, Hagerstown Shopping Center in Hagerstown, Md., Rivergate Station in Nashville, Tenn., and Riverwalk Plaza in Charlestown, W.Va.
The properties are 93 percent leased. Anchor tenants include Kroger’s, Aldi’s, Raley’s, Costco, TJ Maxx, 24-Hour Fitness, Gold’s Gym, JoAnn Fabrics, Sam Ash, Olive Garden, Logan’s Roadhouse, TGI Friday’s and Olive Garden.
“We are very pleased to have had the opportunity to work with Zamias and Kimco on this acquisition and are excited to do future business with each company going forward,” said Amit Barnoon, president and CEO of Bon Aviv.
“The properties are well-positioned in the their markets and we look forward to doing considerably more strategic purchases of portfolios with Bon Aviv,” said Joseph Anthony, president and CEO of Zamias.
Bon Aviv and Zamias are actively pursuing value-add retail shopping centers throughout the continental United States. They expect to add considerable holdings to their portfolios this year.
Bon Aviv is a privately held joint venture between Aviv Arlon Ltd. and Bon Investments Ltd. Investments are acquired through direct purchase of properties, acquiring mortgages and entering strategic joint ventures with local partners.
Zamias (www.zamias.com) is a leasing and management company. Since its inception, the company has developed more than 30 million square feet of retail space. The current portfolio has 43 shopping centers in nine states, totaling more than 12 million square feet.
Kimco took over full ownership of Park Place in November 2009 for $15.7 million. At that time, the two-decade-old shopping center, anchored by a Raley’s grocery store, was listed for sale at $23 million. It was one of 11 properties nationwide Kimco purchased in 2009 from a 2006 joint venture with Prudential.