12A —December 23, 2022 - January 19, 2023 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined The 60,000 s/f plaza is anchored by Ace Home Center
Vita & Vita Realty Corp. develops Lincoln Square in Lincoln Park, Morris County, NJ
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INCOLN PARK, NJ — Vita & Vita Realty Corp. is developing Lincoln Square in Lincoln Park, Morris County. The company acquired the former headquarters of Lin- coln 1st Bank located at the corner of Rte. 202 and Comly Rd. (Rte. 511A) and has pre- leased stores to Dunkin with a drive up service and to Hack- ensack Meridian Ambulatory Care where the hospital will operate an urgent care facil- ity. Both stores will anchor the new shopping center. Lincoln 1st Bank relocated into Vita’s Lincoln Park Plaza shopping
Lincoln Square under development in Lincoln Park, Morris County, NJ Square is the third shopping center developed by Vita in Lincoln Park. chored by Ace Home Center, McDonald’s and shadow an- chors Lincoln Square. Lincoln
center and has since merged with Ion Bank. The 60,000 s/f plaza is an-
JERICHO, NY — Kimco Realty announced it acquired a private, multi-generation- ally-owned portfolio of eight Long Island shopping centers for $375.8 million. The acquisition was funded by the issuance of a combina- tion of cash and redeemable units and the assumption of $88.8 million of 4.1% mortgage debt with a remaining term of six years. As of Sept. 30, 2022, the com- pany had $123.5 million in cash and cash equivalents on its balance sheet and subsequently received approximately $301.1 million of proceeds from the sale of 11.5 million shares of its Albertsons common shares These eight high-quality cen- ters are located in one of the most desirable markets in the United States and within a drive time of 15 minutes from Kimco’s corporate headquar- ters in Jericho. The ultra-infill markets of Long Island are high barrier to entry and offer a highly captive consumer base boasting some of the best demo- graphic profiles in the country. The portfolio, which includes The Gardens at Great Neck, Woodbury Common, The Mar- ket Place, Stop & Shop Shop- ping Center, Southgate Shop- ping Center, Green Cove Plaza and Syosset Corners in Nassau County. MAREJ In 2020 they also developed The Corner Shoppes with Jersey Mike’s, Bubbakoo’s Burritos, About Face and Four3 Rehab & Performance tenanting that center. Lincoln Square is scheduled to open for business during the spring of 2023. MAREJ Kimco Realty expands presence in NY market with acquisition of Long Island portfolio
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