Kimco Realty Corp. recently revealed transaction activity for the second quarter and year to date 2018. During the second quarter of 2018, the company sold 17 shopping centers totaling 2.7 million square feet for $334.0 million.
Kimco’s share of these dispositions was $319.3 million. The blended cap rate for the property sales was in line with the company’s expected range of 7.50% to 8.00%.
“We are in a great position to meet our full-year disposition target of $700 to $900 million, thanks to the dedication and outstanding performance of our team this quarter,” said Ross Cooper, President and Chief Investment Officer. “Once again, 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 Primrose Marketplace, a 368,000-square-foot property in Springfield, Missouri for $51.8 million, Broadway Plaza, a 356,000-square-foot property in Chula Vista, California for $58.5 million, and Downers Park Plaza, a 269,000-square-foot center in Downers Grove, Illinois for $26.7 million. In addition, the company exited the state of Alabama with the sale of The Grove, a 145,000-square-foot property in Hoover, Alabama for $21.0 million.
Year to date, the company’s dispositions included 38 shopping centers and 4 land parcels, totaling 5.0 million square feet, for a gross sales price of $556.1 million. Kimco’s share of the sales price was $531.8 million.
As of March 31, 2018, the company owned interests in 475 U.S. shopping centers comprising 81 million square feet of leasable space primarily concentrated in the top major metropolitan markets. 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 60 years.