Wednesday, December 2, 2015

Kimco Realty Purchases Christown Spectrum Mall for $115 Million

Area Map

The 850,000- square foot Christown Spectrum Mall sold Monday to New York-based Kimco Realty. A partnership between Coventry Real Estate Advisors and Diversified Real Estate sold the property for over twice its original purchase price. Buyer assumed sellers' existing loan of $66.5 million with US Bank, securitized (CMBS) with LNR Partners as special servicer.

Christown Spectrum Mall was originally built in 1961 on 74 acres at the southeast corner of 19th Avenue and Bethany Home Road, within walking distance of the Montebello light rail stop. It includes Costco and Walmart anchors, three fast food pads, and freestanding public library, among various other tenants. Buyers report 94% occupancy at time of sale. 180,000 SF "Super Target" anchor was not included in this sale.

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