Kimco Realty Corp. recently revealed that transaction activity for the first quarter 2019, which included the sale of seven properties totaling 691,000 square feet for $101.7 million. Kimco’s share of these sales was $84.9 million.
“Our team made great progress early in the year with these non-core asset sales as we continue to fine tune the portfolio, and with $90.7 million in properties currently under contract, we anticipate having a majority of this year’s planned dispositions completed in the first half of the year,” noted Ross Cooper, Kimco’s President and Chief Investment Officer. “We expect only a modest level of sales activity for the remainder of 2019, and we remain comfortable with our full-year projection of $200-$300 million in total dispositions, net of any acquisition activity.”
Notable dispositions during the first quarter included Arboretum Crossing, in Austin, Texas for $32.5 million; Cave Springs shopping center in St. Peters, Missouri for $16.7 million and Palm Beach Gardens Plaza in West Palm Beach, Florida for $16.5 million.
Also during the first quarter of 2019, Kimco increased its presence in two high-growth markets in Arizona and California with a $31.2 million sale-leaseback transaction with Albertsons Companies for three grocery-anchored parcels located in existing Kimco shopping centers. The grocery boxes acquired, which generate sales of over $775 per square foot on a blended basis, include one Vons location in San Diego, California, and two Safeway locations in Phoenix, Arizona and Truckee, California.