Kimco Realty Corp., a New York-based real estate firm, has paid $15.9 million to acquire Davidson Commons shopping center off I-77 Exit 30 from owner Edens, of Columbia, S.C.
Davidson Commons includes 89,000 square feet of retail space and is anchored by a Harris Teeter grocery store. The center includes an Aquesta Bank branch and variety of chain and mom-and-pop retail stores, including Davidson Chocolate Co., PostNet, Char-Grill, GNC, Ming’s restaurant, and a Red Mango yogurt shop. Upper-level tenants include a dentist, and Moliver Chiropractic.
Edens, formerly known as Edens & Avant, developed Davidson Commons in 2007. The Harris Teeter opened with big fanfare in February 2008. Several businesses have opened and closed over the past four years amid the weak economy, but leasing has improved recently.
The center is now 86 percent leased, according to Kimco. And other tenants are on the way, including a children’s shoe store slated to open later this year.
It’s not unusual for a developer such as Edens to develop a shopping center, fill it with tenants, then sell. Davidson Mayor John Woods, who is a commercial banker, said Thursday the sale is good news.
“That news is a very positive sign for the town of Davidson, the regional economy, and for the national economy,” Mayor Woods said.
Kimco announced the acquisition Wednesday along with a series of other property purchases totaling $261.7 million, as well as property sales. “Kimco progressed on its strategic plan to opportunistically add high-quality shopping centers in core markets to its portfolio. In the second quarter,” the company said in a press release.
The acquisitions included another in the area, the 73,000 square foot Mountain Island Marketplace in Charlotte. Kimco paid $10.6 million for that center, which is near I-485, and also houses a Harris Teer.
Read Kimco’s full press release (PDF)