During the fourth quarter of 2018, Kimco sold 16 properties and two land parcels totaling 1.9 million square feet for $357.1 million. Kimco’s share of the sales price was $228.4 million.
According to the firm’s transaction activity and Q4 numbers, for the full year 2018, the company sold 68 properties and eight land parcels totaling 8.2 million square feet, for $1.1 billion. Kimco’s share of the sales price was $913.9 million. The blended cap rate for 2018 property sales was in line with the company’s expected range of 7.50% to 8.00%.
Fourth quarter dispositions included Cherrydale Point, a 294,000-square-foot property in Greenville, South Carolina and Shops at Kildeer, a 171,000-square-foot property in Kildeer, Illinois. In addition, the company completed its exit from the state of Kentucky with the sale of South Park Shopping Center.
“Exceeding the high end of our full-year disposition goal is a tribute to our dedicated team, validates our execution strategy to maximize price via ‘one-off’ transactions and evidences the continued high demand for open-air centers,” stated Ross Cooper, Kimco’s President and Chief Investment Officer.
“Our decision to accelerate dispositions in 2018 was made with a focus on the long term,” said Conor Flynn, Kimco’s Chief Executive Officer. “With the large-scale dilutive dispositions behind us, we head into 2019 with a strengthened portfolio primed for growth – concentrated in the best U.S. coastal markets, and with better demographics, higher barriers to entry and unique redevelopment opportunities.”