Kimco Buys Two Louisville Shopping Centers for $295M

Kimco Realty acquired Paddock Shops and Shelbyville Road Plaza, bringing its Louisville retail footprint to 911,000 square feet across three centers.

Updated on Nov. 3, 2026 in Commercial

Kimco Buys Two Louisville Shopping Centers for $295M

Kimco Realty paid $295 million for Paddock Shops and Shelbyville Road Plaza, two grocery-anchored properties totaling 741,000 square feet in Louisville, Ky. The purchase lifts Kimco's Louisville holdings to 911,000 square feet across three retail centers.

Why it matters

The acquisition expands a national shopping-center owner's presence in Louisville's retail market at a time when local retail sales volume grew only 1.5 percent year over year. Grocery-anchored centers are generally more stable tenants for landlords than discretionary retail, which makes the deal a clear bet on the East End and St. Matthews submarkets.

Paddock Shops is a 351,000-square-foot lifestyle center at 4300 Summit Plaza Drive and was 94 percent leased at sale, while Shelbyville Road Plaza is a 390,000-square-foot center at 4600 Shelbyville Road that was 92 percent leased at closing. Louisville retail sales volume reached $165 million over the twelve months ending June 2026, up 1.5 percent, but the extraction does not address how the deal's price compares with recent local transactions.

The players

Kimco Realty

Kimco Realty is a publicly traded real estate investment trust that owns and operates shopping centers across the United States.

CBRE Investment Management

CBRE Investment Management is the investment arm of the global commercial real estate services firm CBRE, which manages property investments for institutional clients.

Hagan Properties

Hagan Properties is a Louisville-area real estate firm that owned Shelbyville Road Plaza before selling it to Kimco.

The details

CBRE Investment Management sold Paddock Shops after three years of ownership, and Hagan Properties sold Shelbyville Road Plaza. The buyer funded the purchase primarily with proceeds from 2026 property sales made through 1031 exchanges, including the sale of four Costco-anchored assets in July.

2021: Kimco acquired Festival at Jefferson Court, its first Louisville asset, through its merger with Weingarten.
July 2026: Kimco sold four Costco-anchored assets and acquired Sunshine Plaza and Pompano Marketplace in Florida for a combined $109 million.
November 3, 2026: The Louisville acquisition was reported.

Market Landscape

Kimco first entered Louisville in 2021 when its merger with Weingarten brought it Festival at Jefferson Court, a roughly 170,000-square-foot neighborhood center built in 1988. The Paddock Shops and Shelbyville Road Plaza purchase builds on that foothold, growing Kimco's local holdings to 911,000 square feet while the company was simultaneously reshaping its portfolio through July's Costco-anchored sales and Florida acquisitions.

For Louisville shoppers, the acquisition signals that the Paddock Shops and Shelbyville Road Plaza centers will remain under active ownership by a large landlord. Residents of the East End and St. Matthews may see changes in tenant mix or property management as Kimco takes over operations, though the extraction does not specify any planned changes.

The takeaway

Institutional landlords continue to buy grocery-anchored centers in mid-sized metros like Louisville, where stable occupancy and essential tenants offer predictable income. Local shoppers and business owners should watch whether the new owner's leasing strategy changes the mix of stores in these centers.