Thursday, January 19, 2017

Kimco Realty Buys Property to Expand Suburban Square Shopping Center

Kimco Realty has bought up a number of properties surrounding its Ardmore shopping center, Suburban Square. The company published an announcement of plans for an expansion of the mall, with the first phase being a larger Trader Joe's and a new parking garage in place of a ground-level lot. The second phase, to be called Station Row, will be street-level retail and dining, with an outdoor plaza. To that end, Kimco, a public REIT, has announced the purchases 119 Coulter Ave for $3.75M and 127 Coulter for $3M. Previously, it had purchased 125 Coulter in 2015 for $1.95M, according to the Philadelphia Business Journal. Station Row will be positioned to extend to the stairs leading to the platform of Ardmore's regional rail station, and is planned to add office space on the second level of its ground-floor retail buildings.
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