Kimco Realty acquired Paddock Shops and Shelbyville Road Plaza, two grocery-anchored shopping centers in Louisville, for $295 million.

The properties total over 741,000 square feet and are anchored by Trader Joe’s and The Fresh Market. Paddock Shops is 94% leased; Shelbyville Road Plaza is 92% leased. “Paddock Shops and Shelbyville Road Plaza are exactly the kind of centers we want to own: grocery-anchored, in the strongest trade areas of a supply-constrained market,” said Conor Flynn, Chief Executive Officer of Kimco Realty. “These centers also offer meaningful embedded upside through the recapture of below-market leases and the opportunity to further enhance the tenant mix with dynamic brands and specialty retailers.”

The deals were primarily funded with 1031 exchange proceeds from 2026 dispositions. The company’s underwriting projects net operating income growth of approximately 4% annually over the next ten years. Kimco now owns three grocery-anchored Louisville centers totaling 911,000 square feet.

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