Kimco Realty buys Wilton Executive Campus

The Wilton Executive Campus, a 187,000-square-foot mixed-use center, was sold to Kimco Realty for $42 million, according to HK Group of Westport, which brokered the deal.

The center was sold by Wilton Executive Camp LLC, led by Stephan Saft and Albert Kleban.

Part of a larger complex known as Wilton River Park, the Executive Campus is a mix of retail and office space. Included in the retail area are such known names as The Gap, Starbucks, and Ace Hardware.

Kimco, based in New Hyde Park, N.Y., previously purchased the other portion of Wilton River Park, anchored by Stop & Shop, for $39.7 million in August 2012.

Bow Tie Theaters, a 14,248-square-foot entertainment complex, is also on the site. There are four individual theaters for movies and conferences.

Wilton Executive Campus is operating at a 98% occupation rate for the shopping area. Built in 1976 and remodeled in 2001, it is on more than 12 acres along River Road.

Officials at Kimco Realty did not return calls for comment on future development. The company’s website shows that it has four spaces available to lease in the River Park area, ranging in size from 376 to 1,771 square feet.

The prime piece of the center is the 46,764-square-foot Stop & Shop grocery store.

“This is the heart of Wilton and the highest quality center in an irreplaceable location,” David P. Lindland, senior vice president at HK Group, said in a statement. “It represents the best in Fairfield County and is the type of real estate that Kimco Realty is attracted to.”

The Kimco portfolio includes 896 shopping centers in 44 states. The company also operates centers in Puerto Rico, Canada, Mexico, and South America. A real estate investment trust (REIT), it is the largest shopping center developer in the United States, according to the Directory of Major Malls, a publication listing the larger shopping enclaves, based in Nyack, N.Y.

The Wilton River Park purchase is Kimco’s initial entry into Fairfield County, though it operates holdings in Branford, Enfield, Farmington, Hamden, North Haven, and Waterbury.