Kimco Realty Corp. has entered an agreement to renovate and redevelop a large shopping mall outside Baltimore, Md., the New Hyde Park company said Thursday.
Kimco will work in partnership with another real estate investment trust, General Growth Properties, of Chicago, which had been the mall's sole owner and has now given over 50 percent ownership to Kimco.
Kimco, one of the nation's largest owners of community shopping centers, did not disclose financial details of the transaction.
In early trading Friday, shares of Kimco were up $0.17 to $16.25; for the past 12 months the company's shares are down about 5 percent. The company has about 680 employees and a market capitalization of $6.59 billion.
Together Kimco and General Growth will tackle the challenge of reviving Owings Mills Mall, in the northwest corner of Baltimore County, a 25-year-old, 1 million-square-foot center. (By comparison, the Tanger Outlet Center in Deer Park is 800,000 square feet.)
The partnership's goal is to make Owings Mills Mall "a more viable center that meets their needs."
The two-story mall is anchored by Macy’s and JCPenney.
Preliminary redevelopment and renovation plans call for a new format and new tenant mix, which could include exterior facing retail, junior boxes, big boxes and department stores, Mike Pappagallo, chief operating officer for Kimco, said in a Thursday news release.
Photo shows David Henry, the Kimco chief executive.
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