NEW HYDE PARK, NY-Kimco Realty reports first quarter acquisitions of six shopping centers and two retail parcels totaling approximately 1.5 million square feet.
The New Hyde Park-based REIT also participated in a consortium that acquired the operations of Albertsons, Acme, Jewel-Osco, Shaw's and Star Market from Supervalu Inc. Kimco, through wholly owned subsidiaries, invested a total of $71.3 million for its 15% interest in the consortium.
Among its largest shopping center purchases so far this year include: the remaining 55% interest from other investors in the Santee Trolley Square (Santee, CA) power center for a gross purchase price of $98 million; the Wilton Executive Campus and Shoppes in Wilton, CT for $42 million; and the $32-million deal for the Shops at Kildeer (Kildeer, IL) that involved the purchase of the remaining 81% interest in the 168,000-square-foot shopping center.
Kimco sold two shopping centers totaling 292,000 square feet for a gross sales price of $10.3 million during the first quarter. Currently, the company has 14 retail properties in contract negotiations for approximately $100 million. Also during the first quarter, the company sold a non-retail urban property located in the Bronx for $3.6 million.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.