Home Featured Kimco Realty Q1 Activity Includes Seven Property Sales

Kimco Realty Q1 Activity Includes Seven Property Sales


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.