At first glance, Kingsbury Center has what a low-risk buyer is looking for in a retail opportunity: location, anchor tenants, plenty of time left on tenant leases and no vacancies. But since Kingsbury Center is in the middle of the North Branch Industrial Corridor, it is also an ideal opportunity for redevelopment, even though the 59K SF shopping center opened in 2012.
HFF has been retained to find a buyer for the shopping center and the property's offering flyer reads that Kingsbury Center "presents investors the opportunity to acquire a core retail center with secure, in-place cash flows paired with significant future value creation potential through redeveloping an underutilized site in a dynamic, mixed-use location."
With City Council set to approve the North Branch Industrial Framework at today's meeting, a buyer has options with Kingsbury Center. It could remain a retail play; the average weighted lease term is 5.7 years. Or a buyer could use the relaxed zoning changes and surrounding retail to redevelop Kingsbury Center into apartments or mixed-use.
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