New Hyde Park, NY-based Kimco Realty Corp. recently revealed transaction activity for the second quarter and year to date 2019.
During the second quarter, the company sold three properties and one land parcel totaling 875,000 square feet for $103.7 million. Kimco’s share of the sales price was $65.8 million.
The sales included Latham Farms, a 625,000-square-foot shopping center in Latham, New York for $73.7 million, 22nd Street Plaza, a 176,000-square-foot shopping center in Oakbrook Terrace, Illinois for $21.0 million, and a 74,000-square-foot parcel at Green Orchard in Walker, Michigan for $6.5 million.
Year to date, the company’s dispositions included 12 properties and one land parcel, totaling 1.9 million square feet, for a gross sales price of $226.1 million. Kimco’s allocable share of the sales price was $161.1 million. The blended cap rate for the property sales is in line with the company’s expected range of 7.25%-7.75%.
Currently, the company has approximately $145.3 million of properties under contract that are expected to close during 2019. Kimco’s share of the sales would be $86.6 million.