Kimco Realty Corporation Announces Second Quarter 2011 Transaction Activity
Kimco Realty Corporation (NYSE: KIM) announced the following transaction activity for second quarter 2011.
SHOPPING CENTER ACQUISITIONS
During the second quarter, Kimco acquired three grocery anchored shopping centers located in the top 20 major metropolitan statistical areas (MSA) for a purchase price of approximately $75.5 million (including approximately $43.4 million in mortgage debt). The details of these three acquisitions, which total 595,000 square feet, are as follows:
Independence Plaza, a 245,000 square foot grocery anchored shopping center located in Selden, N.Y. (New York-Northern New Jersey-Long Island MSA) was purchased by an existing institutional joint venture, which Kimco holds a 50.1% interest, for approximately $43.5 million, including $34.0 million in mortgage debt. This center is anchored by Home Depot, Old Navy and a King Kullen grocery store.
Garden State Pavilions, a 257,000 square foot unencumbered grocery anchored shopping center located in Cherry Hill, N.J. (Philadelphia-Camden-Wilmington MSA) was purchased for approximately $18.3 million. The Center is anchored by Shop Rite and Ross Dress for Less.
Village Shoppes of Flowery Branch (previously announced), a 93,000 square foot grocery anchored center located in Flowery Branch, Ga. (Atlanta-Sandy Springs-Marietta MSA) for $13.7 million, including $9.3 million of mortgage debt. This property is anchored by Publix.
Additionally during the quarter, the company converted its preferred equity interest in six shopping centers totaling 638,000 square feet into a pari-passu joint venture in which Kimco holds a 70% interest. These properties are primarily located in Austin, Texas and are approximately 91% occupied.
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