WASHINGTON, DC—New Hyde Park, NY-based Kimco Realty Corp. announced its fourth quarter earnings this week, which included the data point that it sold 88 wholly owned and joint venture properties for $1.7 billion during the quarter for $908.3 million.
Sixty-four of these properties were located in the US.
To be more specific, many – at least 31 -- of these properties were in the DC area and larger Mid-Atlantic region. One transaction that Kimco didn't break out in its earnings was the portfolio sale of 31 assets in the Fredericksburg, VA area.
GlobeSt.com heard that the sale of these assets was pending. A spokesman for the REIT confirmed that the portfolio did trade but declined to provide the sales price or the buyer. He said Kimco will reveal these details in its February 2016 earnings report.
The assets are net leased retail properties ranging from a Wawa at 1140 Carl D Silver Pkwy, to a CVS at 4501 Lafayette Blvd., to a Chipotle Mexican Grill at 3051 Plank Rd., to a First Citizens Bank at 3205 Plank Rd. Other retail net leases include the International House of Pancakes, TGI Friday's, Pancho Villa, Fox & Hound, Firestone Tire, Applebee's and Chick-Fil-A.
These properties appear to be the remainder of a 45 net lease portfolio Kimco acquired in 2005 for approximately $85.3 million.
Other transactions reported by the REIT also occurred in the local area.
Kimco acquired the remaining 85% ownership interest in The Shops at District Heights, a 91,000-square-foot, grocery-anchored neighborhood center for $24.3 million based upon a gross value of $28.5 million.
It also paid $11.5 million to acquire General Growth Properties' 50% ownership interest in the Owings Mills Mall. In connection with this transaction, Kimco also acquired the parcel owned by JC. Penny Company for $5.2 million and is under contract to acquire the parcel owned by Macy's for $7.5 million.
Kimco now owns all of the Owings Mills Mall and, following the industry thinking in this area, has opted to replace the dated mall with the development of a new open-air center.
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