The company acquired 34 shopping center projects during the quarter, while disposing of 28 properties totaling 3.4 million sf for approximately $545 million. In addition, its Kimco Select division, in a joint venture with Westmont Hospitality Group, purchased the stock of InTown Suites, a 127-property portfolio for approximately $781 million. The properties, which will be operated by Westmont, are located across 21 states.

The shopping center acquisitions largely are located in high density metropolitan markets including Miami; San Diego; Reno, NV; Philadelphia and Santiago, Chile. The projects vary in size from the 350,000-sf Flagler Park Plaza in Miami, to the 320,000-sf mixed-use Suburban Square in metro Philadelphia to the 120,000-sf D'Andrea Marketplace in metro Reno, Nev.

In addition, Kimco acquired a number of land parcels in the United States and Mexico for future development, including 180-acre tract in Hoover, Ala., for the development of the Grove, a 600,000-sf power center expected to open in 2009. In Mexico, the company acquired some 44 acres in Rosarito for the construction of Plaza Rosarito, a 600,000-sf power center anchored by Wal-Mart Supercenter, Home Depot and Cinepolis movie theater. The center is expected to open in 2008. The company acquired a 36-acre parcel in Mazatlan for the recently announced Mexico Land Fund.

A number of other projects in the United States, Canada and Chile also were acquired through joint ventures.

Dispositions included Hazel Dell, a 436,000-sf power center located in Vancouver, Wash., and Martins Food Plaza a 44,000-sf convenience center located in Martinsburg, W. Va. Kimco's joint venture with Prudential Real Estate also sold 13 former Pan Pacific shopping centers in separate transactions.

Year-to-date, the company has spent $2.2 billion to acquire 75 properties totaling 9.2 million sf. It sold 45 properties totaling 5.3 million sf for $787 million.

Instant Insights /

Kimco Buys $1.1B in Centers During Q2

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