NEW HYDE PARK, NY-Kimco Realty Corp. has closed on the acquisition of 18 shopping centers and one mixed-use project from Crow Holdings for $920 million. The transaction is part of an overall deal valued at $2.2 billion in which GE Real Estate also acquired some Crow assets.
Kimco's recently-purchased properties comprise 3.6 million sf and are located in the Atlanta; Austin, TX; Dallas; Fort Lauderdale, FL; Los Angeles; Minneapolis; New York City; Portland, OR; and Washington, DC areas. Sixteen of the 18 assets will go into a joint venture with Prudential Real Estate Investors.
Kimco will have sole ownership of three properties, a center each in Atlanta and Dallas, and the mixed-use project, which is under construction in Fairfax, VA. The entire portfolio of assets are 98.5% leased.
Crow first put the properties on the market in April, with the help of real estate services firms CB Richard Ellis and Holliday Fenoglio Fowler. The assets were part of its third real estate fund, Crow Holdings Realty Partners III LP.
Prudential's portion of the acquisition, which closed earlier this year, included 112 industrial buildings, eight multi-family properties, six hotels and two office building around the country.
Kimco currently operates 1,337 shopping centers in North America. In October it closed on the $4-billion acquisition of Pan Pacific Retail Properties and had been considering other purchases at the time, said David Henry, the company's vice chairman.
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