Good Evening
Good Evening

Kimco Realty buys 7 shopping centers, sells others

Kimco chief executive David Henry. (Dec. 15, 2011)

Kimco chief executive David Henry. (Dec. 15, 2011) Credit: Newsday / Audrey C. Tiernan

Long Island-based Kimco Realty spent nearly $262 million acquiring a stake in seven shopping centers and sold 10 centers for $75.6 million in the second quarter, the company announced this week.

The new acquisitions include six shopping centers in the United States and one in Canada, with combined square footage of 1.3 million square feet and average occupancy of 97 percent, according to a statement released by Kimco. Among them are Devon Village in Devon, Penn., a Whole Foods-anchored center purchased for $28.6 million; and Overlook Village in Asheville, N.C., anchored by T.J.Maxx/HomeGoods and other stores, which was bought for $25.5 million.

The shopping centers sold by Kimco total 887,000 square feet and had a combined gross occupancy of about 76 percent, according to the New Hyde Park-based real estate investment trust, which trades on the New York Stock Exchange under the ticker symbol KIM.

Kimco described the transactions as part of its “ongoing portfolio recycling initiative.”

With interests in 930 shopping centers in the United States, Canada, Puerto Rico, Mexico and South America, Kimco calls itself the country’s largest owner and operator of neighborhood and community shopping centers.

More news