NEW HYDE PARK, NY-Kimco Realty Corp. remains on a transaction binge, spending some $1.1 billion in North and South America during the second quarter, preparing for more development, and getting deeper into the hospitality business.

The company acquired 34 shopping center projects during the quarter, while disposing of 28 properties totaling 3.4 million sf for approximately $545 million. In addition, its Kimco Select division, in a joint venture with Westmont Hospitality Group, purchased the stock of InTown Suites, a 127-property portfolio for approximately $781 million. The properties, which will be operated by Westmont, are located across 21 states.

The shopping center acquisitions largely are located in high density metropolitan markets including Miami; San Diego; Reno, NV; Philadelphia and Santiago, Chile. The projects vary in size from the 350,000-sf Flagler Park Plaza in Miami, to the 320,000-sf mixed-use Suburban Square in metro Philadelphia to the 120,000-sf D’Andrea Marketplace in metro Reno, Nev.

In addition, Kimco acquired a number of land parcels in the United States and Mexico for future development, including 180-acre tract in Hoover, Ala., for the development of the Grove, a 600,000-sf power center expected to open in 2009. In Mexico, the company acquired some 44 acres in Rosarito for the construction of Plaza Rosarito, a 600,000-sf power center anchored by Wal-Mart Supercenter, Home Depot and Cinepolis movie theater. The center is expected to open in 2008. The company acquired a 36-acre parcel in Mazatlan for the recently announced Mexico Land Fund.

A number of other projects in the United States, Canada and Chile also were acquired through joint ventures.

Dispositions included Hazel Dell, a 436,000-sf power center located in Vancouver, Wash., and Martins Food Plaza a 44,000-sf convenience center located in Martinsburg, W. Va. Kimco’s joint venture with Prudential Real Estate also sold 13 former Pan Pacific shopping centers in separate transactions.

Year-to-date, the company has spent $2.2 billion to acquire 75 properties totaling 9.2 million sf. It sold 45 properties totaling 5.3 million sf for $787 million.

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