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Realty trust buys three shopping centers

David Henry, chief executive of Kimco Realty Corp.

David Henry, chief executive of Kimco Realty Corp. Credit: Handout

New Hyde Park-based Kimco Realty Corp. has bought three shopping centers -- one on Long Island, one in New Jersey and one in Georgia -- anchored by grocery stores, for about $75.5 million, the company said Friday.

The price includes about $43.3 million in mortgage debt for the three centers -- Independence Plaza in Selden, Garden State Pavilions inCherry Hill, N.J.,  and Village Shoppes of Flowery Branch, Flowery Branch, Ga.

Kimco also said it has converted its preferred equity interest in six shopping centers, mainly in Texas, totaling 638,000 square feet into a joint venture in which Kimco holds a 70 percent interest. Those shopping centers are primarily located in Austin, Tex., and are about 91 percent occupied, the company said.

Also during the quarter, Kimco sold 11 "non-strategic shopping center properties" for roughly $48.5 million, of which the company's share was $44.6 million.

Photo:  David Henry, Kimco chief executive. 

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