SAN JUAN, PUERTO RICO-Kimco Realty Corp. has agreed to acquire five shopping centers here for $448 million in cash, stock and assumed debt. The selling entity includes investors Jay Furman and Walter Samuels. The acquisition would be Kimco's first in Puerto Rico.

The location of the properties was not revealed by Kimco; a company official did not immediately return a Monday morning phone call seeking additional detail. The portfolio is 97% occupied, according to Kimco. Anchor tenant include Home Depot, Sam's Club and JC Penney.

Kimco's total consideration will include $97 million in cash; $20 million in partnership units issued to the contributors that is convertible into Kimco common stock; other partnership units totaling $184 million of which $26.2 million has limited conversion features; and the assumption of approximately $147 million of mortgage debt.

Walter Samuels says he chose Kimco in part because of his friendship with Kimco chairman Milton Cooper. "I have known Milton Cooper for over 40 years. We chose to enter into this transaction with Kimco because of the longstanding relationship we have together and the flexibility they demonstrated in structuring a transaction that suited our needs and the needs of our associates," he says.

Kimco Realty specializes in shopping center acquisitions, development and management. The company owns and operates a portfolio of neighborhood and community shopping centers that totals 135.8 million sf in 1,048 properties in 44 states, Canada and Mexico.