Kimco asset transactions topped $1 billion in Q2

Sales and purchases of shopping center assets at Kimco Realty Corp during the second quarter of 2016 exceeded $1 billion dollars, according to details released by the company.



The Hyde Park, New York-based Kimco sold 22 Canadian shopping centers totaling 28 million sq. ft. for $474.4 million, which included the assignment of $213.5 million of existing mortgage debt. It also disposed of 12 unencumbered U.S. properties totaling 1.5 million sq. ft. for $220.5 million.



Purchases made during the period tallied $328.9 million. Kimco acquired the remaining 45% ownership interest in Dania Pointe (above) and Oakwood Plaza, adjoining properties in Hollywood, Florida, and bought an improved parcel at the Whole Foods-anchored Jericho (New York) Commons.



A press release noted the deals were in keeping with Kimco’s “2020 Vision” strategy of owning high-quality assets in major U.S. metros while reducing its exposure to joint ventures. The Hollywood property is on a highly trafficked section of I-95 and the Jericho area boasts an average household income of $145,000, according to Kimco.