BALTIMORE, MD-Last quarter, Kimco Realty acquired stakes in three Baltimore retail centers in which it had partial ownership, as part of its larger strategy of reducing the number of properties it owns through joint ventures. The REIT announced the purchases in its recent earnings release.
The three grocery-anchored shopping centers-Greenbrier Shopping Center, York Road Plaza and Shrewsbury Square Shopping Center-totaled 316,000-square feet and were purchased by the REIT for $93.2 million, including $23.3 million of mortgage debt. Kimco acquired the 89% stake it didn't own in the centers. One of the properties, York Road Plaza, traded for $31.1 million, according to Real Capital Analytics records.
Kimco also did a fair bit of selling for the quarter-namely it disposed of ownership interests in 14 properties in the US, totaling 2.2 million square feet for $192.3 million, including $62.4 million of mortgage debt. Kimco's share of the proceeds from these sales was $93.6 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
