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SCT

Kimco sold 17 centers for $334 million in 2Q

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

Managing Editor/SCT

Related Topics:

  • deals and transactions
  • reits
  • shopping centers

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