Kimco Realty acquires Stonebridge at Potomac Town Center for $172.5M

Kimco Realty announced the acquisition of Stonebridge at Potomac Town Center, a 96%-occupied, 504,000-square-foot, grocery-anchored lifestyle center in Woodbridge, Virginia, for $172.5M. The center, which has an estimated population of over 230,000 people and an average household income of $125,000 within a five-mile radius, is anchored by a 138,500 square foot Wegmans, one of the state’s top-ranking grocers with a trade area of 40 miles, and the only Apple store in the greater trade area. The center’s diverse tenant mix features a complementary blend of leading national brands, including REI, Ulta Beauty, Starbucks, Cava, Firebirds Wood Fired Grill, as well as a variety of local shops which include boutique fitness, personal services, restaurants and medical uses. “We’re excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio,” said Ross Cooper, Kimco’s President and Chief Investment Officer. “This center boasts a robust growth profile that will complement and solidify Kimco’s position as the leading retail player in the suburban Washington D.C. market.”