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VALDOSTA, GA-Kimco Realty Corp., one of Kmart Corp.’s biggest landlords, has purchased a 10-year-old, 169,896-sf Super Kmart store here from a Southern California-based family trust for approximately $10.7 million or $62.69 per sf.

Longhorn Steak House occupies an outparcel ground lease on the 20-acre property through 2011. There is also an additional outparcel available to construct a 4,400-sf building. Both outparcels are included in the sale. The property is at 1106 St. Augustine Rd.

Marcus and Millichap brokers James Donegan, Stewart Jacobs and Ed Nutting in the firm’s Atlanta office had the exclusive listing for the property and also found the buyer. The sales price represents an 11.03% market capitalization rate.

New Hyde Park, NY-based Kimco calls itself the nation’s largest owner and operator of neighborhood and community shopping centers. The 35-year-old publicly traded REIT has ownership interests in 700 shopping centers comprising about 100 million sf of leasable space in 42 states and Canada.

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