Kimco’s Lincoln Square Gets Sprouts Farmers Market on Board
Kimco Realty Corp KIM recently started pre-leasing apartments for its iconic mixed-use development, Lincoln Square, at Philadelphia’s Center City District. The natural food grocer, Sprouts Farmers Market, Inc. SFM, will be expanding in Philadelphia by opening its first outlet at Lincoln Square. The outlet, slated to open by the third quarter of 2018, spans across 32,000 square feet of space.
The project also includes 322 residential units, ranging from studio to three-bedroom apartments. The leasing for the same has started and residents are likely to start moving in by this summer. An additional 50,000 square feet of space, including both indoor and outdoor, has been reserved for amenities, including fitness club, outdoor running track and pet grooming station to name a few.
The Lincoln Square is very conveniently located, just two blocks away from the Septa subway station, and at a walkable distance to the best shopping and dining places.
Apart from Sprouts Farmers Market, other tenants already on board include Target TGT, Starbucks SBUX, PetSmart and Sprint Corporation. Per Tom Simmons, president of the mid-Atlantic region at Kimco, “In addition to the state-of-the-art amenities offered, residents will be just steps away from a variety of convenient, affordable and healthy retail options that will complement their active city lifestyle.”
However, amid the choppy retail real estate environment, this Zacks Rank #4 (Sell) stock has underperformed the industry in the past three months. While its shares descended 17.6%, the industry recorded a decline of 9.3% during the same time period.
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Sprouts Farmers Market, Inc. (SFM): Free Stock Analysis Report
Target Corporation (TGT): Free Stock Analysis Report
Starbucks Corporation (SBUX): Free Stock Analysis Report
Kimco Realty Corporation (KIM): Free Stock Analysis Report
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