Kimco Realty Corp. revealed transaction activity for the third quarter and year to date 2018. During the third quarter of 2018, the company sold 10 shopping centers and two land parcels totaling 1.3 million square feet for $156.8 million. Kimco’s share of the sales price was $153.7 million.
The dispositions included Skyline Village, a 190,000-square-foot property in Harrisonburg, Virginia for $32.5 million, Temple Towne Center, a 264,000-square-foot property in Temple, Texas for $26.9 million, and Kirkwood Crossing, a 253,000-square-foot property in Kirkwood, Missouri for $15.9 million.
“Our sales volume remained strong during the third quarter, putting Kimco’s year-to-date dispositions already near the low end of the $700 million to $900 million full-year target range we provided at the start of the year,” said Ross Cooper, Kimco’s President and Chief Investment Officer. “The disposition environment remains very active given the ample capital and financing readily available to third-party buyers, and we expect a strong finish to the year. More importantly, we’re right-sizing our portfolio and will be well positioned to generate consistent growth as we look ahead to 2019.”
For the nine months ended September 30, 2018, the company’s dispositions have included 48 shopping centers and 6 land parcels, totaling 6.3 million square feet, for a gross sales price of $712.9 million. Kimco’s share of the sales price was $685.5 million. The blended cap rate for the property sales is in line with the company’s expected range of 7.50% to 8.00%.