JLL Arranges $154.1M Financing for Kimco Realty Grocery-Anchored Portfolio Across California, Arizona and Georgia

JLL Capital Markets arranged $154.1 million in financing for a six-property, 1.31-million-square-foot grocery-anchored retail portfolio owned by Kimco Realty Corporation and an institutional joint venture partner, the firm announced Sept. 17. J.P. Morgan Asset Management provided the loan through institutional investors it advises.

Portfolio Overview

The portfolio spans three states and includes Morena Plaza in San Diego, Rancho San Diego in El Cajon, Vail Ranch Plaza and Redhawk Towne Center in Temecula, North Decatur Station in Decatur, Georgia, and The Summit at Scottsdale in Scottsdale, Arizona.

The six properties are 99% occupied with a 4.6-year weighted average lease term. Anchor tenants include Costco, Walmart, Whole Foods, Sprouts Farmers Market and Safeway. The portfolio collectively draws more than 17 million annual consumer visits, with anchor locations consistently ranking in the top 5% to 10% nationally by visits within their respective banners.

National tenants occupy approximately 76% of the portfolio's gross leasable area, with 46% of the tenant roster comprising investment-grade credit. The properties are located in affluent first-ring suburbs with average household incomes ranging from $140,000 to $228,000 and average home values from $567,000 to $1.2 million within their respective trade areas.

Property Details

Morena Plaza, situated along Morena Boulevard in San Diego's coastal infill market, is anchored by Costco and benefits from proximity to La Jolla, UTC, Clairemont, the airport and the Mexico border. The center serves dense residential neighborhoods with limited developable land, supporting the high-barrier-to-entry characteristics cited in the financing.

Rancho San Diego in El Cajon serves bedroom communities in East County San Diego, providing grocery-anchored necessity retail to a suburban trade area.

In Temecula, Vail Ranch Plaza at 32413 Temecula Pkwy is anchored by Sprouts Farmers Market and also includes EOS Fitness and PetSmart among its major tenants. The center sits along Temecula Parkway and offers 509 parking spaces. Redhawk Towne Center, located at 32225 Temecula Pkwy, spans 417,252 square feet and is anchored by Walmart and Kohl's, with 2,314 parking spaces and a parking ratio of 5.55 spaces per 1,000 square feet.

North Decatur Station, located at 1555 Church Street in Decatur, Georgia, is anchored by Whole Foods and Safeway. The Summit at Scottsdale rounds out the portfolio in Scottsdale, Arizona.

JLL Team and Transaction Commentary

The JLL Capital Markets team was led by Senior Managing Director Chris Drew and Managing Director John Marshall, along with Directors Wells Waller and Jarrod Howard and Analysts Gabriel Davenport and Preston Bacon.

"These properties represent the convergence of institutional-quality sponsorship and best-in-class grocery-anchored retail in high-barrier-to-entry markets," Drew said. "The portfolio benefits from exceptional tenant relationships with necessity-based retailers whose locations consistently outperform, combined with the strategic positioning in affluent first-ring suburbs that deliver both operational efficiency and demographic strength."

About the Principals

Kimco Realty (NYSE: KIM) is a real estate investment trust and owner and operator of open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company's portfolio is concentrated in first-ring suburbs of major metropolitan markets, including coastal and Sun Belt locations. As of June 30, 2026, Kimco owned interests in 564 U.S. shopping centers and mixed-use assets totaling 100 million square feet of gross leasable space.

J.P. Morgan Asset Management manages $4.6 trillion in assets as of June 30, 2026 and offers investment management across equities, fixed income, real estate, hedge funds, private equity and liquidity on behalf of institutional and individual clients globally.

JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in over 80 countries with a global workforce of more than 112,000 as of June 30, 2026. Its Capital Markets group includes more than 3,000 specialists in nearly 50 countries.

Sources

JLL Newsroom – JLL arranges $154.1M in financing for Kimco Realty joint venture retail portfolio