Kimco Realty Corp. KIM, the nation's largest owner and operator of
neighborhood and community shopping centers, today announced significant
progress on its portfolio recycling initiative through transactions executed
in the fourth quarter of 2012.
SHOPPING CENTER DISPOSITIONS
During the fourth quarter, Kimco sold 34 retail properties in the U.S.
totaling 3.9 million square feet for $246.1 million, including $35.4 million
of mortgage debt. Key dispositions included sales of both a nine-property
shopping center portfolio in Ohio for $65.1 million, and, as previously
announced, a 13-property Ohio and Indiana portfolio for $66 million. Kimco's
share of the proceeds from these sales was $180.2 million and utilized toward
the acquisition of several high-quality shopping centers in core markets for
its portfolio.
For the full year 2012, Kimco sold 68 shopping center properties in the U.S.,
comprising nearly 7.7 million square feet, for $631.8 million, including
$153.8 million of mortgage debt. The company's share of proceeds from these
sales was $385.8 million. Since the start of the company's asset recycling
program in September 2010, Kimco has disposed of 110 properties, comprising
10.9 million square feet, for $843.9 million, including $194.1 million of
mortgage debt. The company's share of the proceeds from these sales was $515
million.
SHOPPING CENTER ACQUISITIONS
In the fourth quarter, Kimco acquired nine properties for the company's
consolidated portfolio. Notable transactions include:
* City Heights Retail Village, as previously announced, a grocery-anchored
acquisition in San Diego, purchased for $35.6 million, including the
assumption of $20 million of mortgage debt. The fully occupied
109,000-square-foot center is well-located in a densely populated infill
location three miles northeast of downtown San Diego, and enjoys a strong
tenant base of national and regional retailers with long-term leases.
* Savi Ranch, as previously announced, a 161,000-square-foot unencumbered
power center purchased for $34.5 million. The center is located in
affluent Yorba Linda, Calif., southwest of downtown Los Angeles, in which
the three-mile average household income is $149,000. The retail center is
anchored by Dick's Sporting Goods, Bed Bath & Beyond and Michaels, and is
shadow-anchored by Kohl's and Best Buy.
* Metro New York Grocery Portfolio, purchased for $26.1 million, five fully
occupied, food-oriented retail properties whose average reported sales
volume exceeds $1,000 per square foot. Metro-area grocer Key Foods anchors
three properties – one each in Queens, Brooklyn and Nassau County – with
Family Dollar and a regional grocer anchoring two remaining properties in
Queens. The 59,000-square-foot urban portfolio serves an average
population of 24,000 with a household income of $100,000 within a
half-mile radius. The demographics within a three-mile radius are equally
strong with an average population and household income of 824,000 and
$93,000, respectively.
In addition, the company acquired for its consolidated portfolio two former
joint venture properties. Kimco now wholly owns:
* Greeley Commons: As previously reported, Kimco acquired the remaining
89-percent interest in Greeley Commons, a 139,000-square-foot unencumbered
shopping center, located in Greeley, Colo., for a gross purchase price of
$23.4 million. This fully leased center includes tenants such as Bed Bath
& Beyond, Michaels, Big 5 Sporting Goods, OfficeMax, Petco and Sprouts
Farmers Market.
* Snowden Square Shopping Center: Kimco purchased the remaining 58-percent
interest in Snowden Square Shopping Center for a gross purchase price of
$6.2 million. This property, located in Columbia, Md., boasts an average
household income of $105,000 within three miles. Snowden Square is
anchored by a Michaels and Home Goods, and is shadow-anchored by Home
Depot, BJ's Wholesale Club, Marshalls and Bed Bath & Beyond.
For the full year 2012, Kimco acquired a total of 27 shopping centers, which
had a combined average occupancy of 96.5 percent, for a gross purchase price
of $653.6 million, including $227.1 million of mortgage debt. These
acquisitions include the company purchasing the full interest in 24 U.S.
shopping centers for a total gross purchase price of $540 million, including
six properties in which Kimco acquired its joint venture partners' interests.
In addition, Kimco acquired interests in three Canadian shopping centers for
$113.6 million.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in