Kimco Realty was busy pruning its portfolio in the second quarter.
The New Hyde Park, N.Y.–based landlord sold 17 shopping centers, totaling 2.7 million square feet, for $334 million, with Kimco's share of the proceeds at $319.3 million. The blended cap rate for the deals falls within the range of 7.5 percent to 8 percent, Kimco says.
“We are in a great position to meet our full-year disposition target of $700 million to $900 million," said President and Chief Investment Officer Ross Cooper. "Our robust sales volume highlights the strong demand for open-air shopping centers, supported by significant levels of capital and historically low interest rates.”
The dispositions include Broadway Plaza, in Chula Vista, Calif., for $58.5 million; Downers Park Plaza, in Downers Grove, Ill., for $26.7 million; and Primrose Marketplace, in Springfield, Mo., for $51.8 million.
Kimco's year-to-date dispositions comprise 38 shopping centers and four land parcels — for gross proceeds of $556.1 million, with Kimco's share at $531.8 million.
By Brannon Boswell