Mall REIT Spends $98.2 Mil for Five Shopping Centers

NEW HYDE PARK, NY-The country’s largest publicly traded shopping center owner, Kimco Realty Corp., announced this week the acquisition of five new properties. Price tag on the buy is $98.2 million for more than 800,000 sf of space, more than 98% of which is leased.

According to a company statement, the deal, announced last week, is composed of two separate acquisitions: Four properties owned by Urban Shopping Centers were purchased by KIR for $65.1 million and comprise 548,470 sf of gross retail space, 98.3% of which is leased. The centers, two in Florida, one each in Illinois and Tennessee, are leased to a variety of tenants including Bed, Bath & Beyond, Ross Stores and Staples.

A fifth property, located in North Carolina was bought by KIR for roughly $33.1 million. The 229,214-sf center is fully leased to tenants including Kohl’s, BJ’s Wholesale Club and others.

Still under contract to KIR is a 262,214-sf shopping center in Oklahoma that is expected to fetch $26.8 million and is slated to close later this quarter, according to a statement by the REIT, which did not return phone calls by press time.

Once the Oklahoma deal is completed, KIR will have picked up 10 shopping centers this year. The 35-year-old REIT will have spent $262.1 million for two million sf of retail space.