NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has acquired a portfolio of 10 shopping centers from its joint venture with SEB Asset Management for $275.8 million, including the assumption of $193.6 million of mortgage debt.
Kimco, which previously held a 15 percent ownership interest in these properties, paid approximately $69.8 million for the remaining 85 percent equity interest held by SEB Asset Management, the group´s specialist real estate manager.
The 1.4 million-square-foot portfolio is located in markets in the Mid-Atlantic region. The predominantly grocery-anchored portfolio is 95.4 percent occupied and its anchors include Giant Food, Harris Teeter, Weis Markets, Safeway, Food Lion with Kroger and Sam’s Club as shadow anchors. The properties also feature a well-known lineup of national retailers including Ross Stores, Bed Bath & Beyond, Marshalls, Kohl’s, PetSmart, and Michaels with Target and Lowes as shadow anchors.
This transaction represents the third joint venture portfolio acquisition by Kimco in 2014. Year to date, the company has added 25 joint venture properties with a gross value of $776.9 million and 3.2 million square feet to its wholly owned portfolio. These properties boast occupancy and average rent per square foot of 96.3 percent and $16.71, respectively.
Kimco is a publicly traded real estate investment trust, which owns and operates a portfolio of neighborhood and community shopping centers. As of March 2014, the New Hyde Park, N.Y.-based company owned interests in 835 shopping centers comprising 122 million square feet of leasable space across 42 states, Puerto Rico, Canada, Mexico and South America. Kimco has specialized in shopping center acquisitions, development and management for more than 50 years.
Kimco’s stock price closed Tuesday, July 15 at $23.23 per share up from $22.50 per share this time last year.
— Danielle Everson