Subsequent to the third quarter, the company sold its 31.7 percent interest in a 637,000-square-foot center in Las Palmas, Texas, to its existing joint venture partners for a gross price of $99.9 million, including $48.8 million of mortgage debt.The nine U.S. properties sold encompassed average population and household incomes levels of 84,000 and $65,000, respectively, which are significantly below Kimco’s portfolio average by more than 22 percent. Since the inception of the company’s U.S. non-strategic retail disposition program in September 2010, Kimco has sold 130 shopping centers, comprising 13.3 million square feet, for $1.1 billion, including $275.1 million of mortgage debt. The company’s share of the proceeds from these sales was $615.1 million. SHOPPING CENTER ACQUISITIONS Kimco acquired two U.S. properties in the third quarter for $37.6 million:
- Village at Highlands Ranch II (Littleton, Colo.) – Kimco added this fully occupied, 44,000-square-foot, unencumbered retail center in an affluent Denver suburb for $14.6 million in a negotiated, off-market transaction. Village at Highlands Ranch II is part of an interconnected retail complex anchored by King Soopers, the area’s dominant grocer, along with Kimco-owned Highlands Ranch Center and Village Center West. With this acquisition, the company owns a total of 198,000 square feet of this retail complex, whose three-mile average household income of $121,000 is 42 percent greater than Kimco’s portfolio average.
- Elmsford Center (Elmsford, N.Y.) – Kimco acquired a 143,000-square-foot power center in the New York metro suburb of Elmsford for $23 million, comprised of a new 59,000-square-foot Sports Authority, and an 84,000-square-foot, high-performing Bed Bath & Beyond. Elmsford Center enjoys easy access from the Cross Westchester Expressway (Interstate Highway 287) and the Sprain Brook Parkway with combined daily traffic averaging 240,000 vehicles. Elmsford Center is located in an upscale community with over 102,000 residents within three miles, whose average household income is approximately $123,000, which is 44 percent above Kimco’s portfolio average.
- Northridge Shopping Center (Arvada, Colo.) – Kimco purchased this 146,000-square-foot center in the northwestern Denver suburb of Arvada for $19.8 million, including $11.5 million of mortgage debt, in a negotiated, off-market transaction. Northridge S.C. is anchored by a recently renovated Target, and Hobby Lobby in a highly desirable infill location supported by a dense population in excess of 118,000 people within three miles. Kimco sees multiple value creation opportunities for this center through redevelopment and outparcel repositioning. The acquisition of Northridge S.C. expands Kimco’s footprint in the Denver-Aurora-Broomfield metropolitan statistical area to 12 centers.
- Five Forks Crossing (Lilburn, Ga.) – Kimco acquired this 74,000-square-foot, fully-occupied, grocery-anchored shopping center for $9.8 million. Five Forks Crossing is strategically situated in a residential area in a healthy submarket of Atlanta with limited retail competition and high barriers to entry. Five Forks Crossing is anchored by a 62,000-square-foot, high-volume Kroger, which is the dominant grocer in the area. The center, which serves a community with a median household income 10 percent above Kimco’s portfolio average, provides a future redevelopment opportunity through the creation and expansion of additional anchor space.
ABOUT KIMCOKimco 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 June 30, 2013, the company owned interests in 874 shopping centers comprising 128 million square feet of leasable space across 43 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 acquisitions, 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.