Kimco buys half-interest in Canadian mall

A New Hyde Park-based real estate investment trust has bought a half-interest in a Canadian shopping center.

Kimco Realty Corp. said Tuesday that it paid about $16.5 million for 50 percent of the Orleans Gardens Shopping Centre in suburban Ottawa, Ontario. The center, anchored by a Loblaws supermarket and by a Rexall drugstore, is Kimco's sixth retail property interest in the Ottawa area and its 64th in Canada.

Kimco bought the half-interest from the Orleans Gardens existing owner, which retains part-ownership.

The center is in a well-established, growing residential area with an average household income of about $110,000, one-third higher than the national average, Kimco said.

Kimco owns and operates one of the largest portfolios of community shopping centers in North America, and has 946 overall, in the U.S., Canada, Mexico and South America.

-------------------
Read more of Inside Long Island Business