The 662,804-sf Searstown Mall is anchored by Circuit City, JCPenney, Toys R Us, Sears and Old Navy as well as a two-story Filene's department store. The mall also has more than 70 stores and is located at the junctions of Routes 190, 2 and 13 about 45 miles west of Boston.

Kimco will recognize a gain on the sale of approximately $30 million in the third quarter or 28 cents a share. This gain will be excluded from its third quarter funds from operations, which Kimco notes, is a widely accepted measure of REIT operating performance. The company says it will use the proceeds from the sale to fund its investment pipeline of neighborhood and community shopping centers.

The New Hyde Park, NY-based company, which was founded 35 years ago, is a publicly traded REIT that specializes in shopping center acquisitions, development and management. Kimco says it is the country's largest owner and operator of neighborhood community shopping centers. The company has interests in 634 properties comprising about 94 million sf throughout the US, Canada and Mexico.

In Massachusetts, Kimco has three other properties: the 131,235-sf Barrington Plaza in Great Barrington; the 118,844-sf Foxborough Plaza; and the 108,418-sf Shrewsbury Shopping Center.