Kimco buys 37 retail properties for $936m
Kimco Realty Corp. has purchased three property portfolios and a single property totaling 4.2 million square feet.
Kimco paid $408 million for a 12-property portfolio, totaling 1.4 million square feet. The seller was CBRE. The deal was a partner buyout. The sales price includes $38.2 million in mortgage debt. Kimco purchased the remaining 60.9 percent interest from an unknown joint venture partner. The properties are located in California, Delaware, Kentucky, Maryland, Massachusetts, New Hampshire and Virginia.
The highest priced asset was the 185,000-square-foot Linda Mar Shopping Center in Pacifica, Calif., which sold for $66.1 million. The second highest priced asset was Festival at Hyannis, a 225,629-square-foot retail center in Hyannis, Mass. The sales price was $52.2 million.
Kimco also purchased a 14-property, 1.2 million-square-foot por