Kimco Realty Corp. (NYSE:KIM), the nation’s largest owner and operator of neighborhood and community shopping centers, today announced that it has added Santee Trolley Square in suburban San Diego to its consolidated portfolio. The company acquired its institutional partner’s 50 percent ownership interest based on a gross purchase price of $98 million. The property is encumbered by a $48.5 million mortgage.
Santee Trolley Square is a 311,000-square-foot, 98-percent-occupied, power center located in Santee, an eastern suburb of San Diego. Built in 2001, the retail center is anchored by several prominent national retailers such as T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target. The center also offers consumers a multitude of dining options such as Olive Garden Italian Restaurant, Starbuck’s Coffee Company, Chili’s Bar & Grill and Chipotle Mexican Grill. The property also features a 250-seat outdoor amphitheater which is often host to live entertainment and other special events.
This power center is well-located off California State Route 52 and desirably positioned along the highly trafficked retail corridor at Cuyamaca Street and Mission Gorge Road. In addition, Santee Trolley Square provides its visitors with the convenience of direct access from San Diego’s MTS Trolley, which has its final stop at the retail center. While the center enjoys healthy patronage from the 103,000 residents who live within three miles, Santee Trolley Square offers destination shopping that pulls consumers from well beyond the immediate community.
Together with the recent purchase of City Heights Retail Village, Kimco now owns 21 properties in the desirable San Diego-Carlsbad-San Marcos metropolitan statistical area (MSA).ABOUT KIMCO Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of Sept. 30, 2012, the company owned interests in 922 shopping centers comprising 135 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisition, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.