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Kimco Pays $95 Million for Airport Plaza

Fairchild Sells 447K-Square-Foot Farmingdale, NY Shopping Center
July 25, 2006
Republic Thunderbolt LLC, an indirect, wholly owned subsidiary of the Fairchild Corp., sold Airport Plaza in Farmingdale, NY to Kimco Realty Corp. affiliate Airport Plaza LLC for approximately $95.1 million, or $213 per square foot.

The property is a former World War II aircraft plant which was acquired by Fairchild Industries in the late 1980s and redeveloped in the mid 1990s. Located near Republic Airport in East Farmingdale, the area was known as a no man’s land until retailers such as Target and Wal-Mart took a gamble.

The 447,154-square-foot retail center is at 231-261 Airport Plaza Blvd., anchored by the international home-repair giant Home Depot. Additional national retailers at Airport Plaza include Borders, Dave & Busters, Staples, Bed Bath & Beyond, Comp USA and Modell’s Sporting Goods. Not far from the plaza, a Marriott Towne Place Suites is scheduled to open soon.

This regional center straddles Nassau and Suffolk counties and has four loading docks. Kimco assumed the existing mortgage with an outstanding balance of approximately $53.5 million as a condition of closing. Eastdil Realty Corp. reportedly brokered the deal for Fairchild Industries.
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