David P. Lindland and Matthew F. Keefe of HK Group were the sole brokers for the sale of the Stop & Shop anchored retail shopping center in Wilton, Connecticut known as the Wilton Shopping Center. David Lindland said, “This is the heart of Wilton’s retail life. It is the highest quality center in an irreplaceable location and represents the best retail in Fairfield County and is the type of real estate that the Kleban’s own and that Kimco Realty is attracted to”.
The shopping center is part of a larger complex known as Wilton River Park. The property was developed over the last 27 years by a group led by Albert J. Kleban and Stephen Saft. Kimco purchased the 97,000-square-foot grocery-anchored center, located in upscale Fairfield County, for $39.7 million, including $20.9 million of mortgage debt.
Wilton River Park is 98 percent occupied with a 47,000-square-foot Stop & Shop, the dominant supermarket serving the community. The grocer is flanked on both sides by a diverse mix of more than 20 specialty shops and several restaurants.
Wilton River Park is located at 5 River Road in the heart of Wilton, which is part of Lower Fairfield County – a region also known as Connecticut’s “Gold Coast” for its affluent population and proximity to both New York City and the Long Island Sound. The shopping center is well-situated within this community as illustrated by a median household income of more than $171,000 within a three-mile radius surrounding the property. With this acquisition, Kimco now owns 70 centers in the New York metropolitan area.
Albert J.Kleban said that he is pleased to have concluded a deal with Kimco, a premier REIT, and has been rewarded with the sale after 27 years of development efforts. He and Stephen Saft will continue to own and manage the adjacent Wilton Executive Campus which consists of a large office complex, a multiplex theater and national and local tenants. Mssrs. Kleban and Saft look forward to a continuing relationship with Kimco as neighbors.
HK Group is a full service commercial real estate firm started in 1988. It has grown steadily from a local Westport business to one which today encompasses an operating area of New York, Connecticut and New Jersey. The firm follows client led transactions into other states. It has expanded its vision from local leasing to larger and more sophisticated leasing transactions, investment sale transactions, national client retail leasing, and consulting and brokerage services for the health care industry. For more information please visit their web site at www.hkgrp.com.