NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE:KIM) today announced transaction activity for the third quarter and year to date 2019.
During the third quarter, the company sold eight properties and two land parcels totaling 1.0 million square feet for $166.7 million. Kimco’s share of the sales was $70.9 million.
The dispositions included Shoppes at Midway Plantation, a 323,000-square-foot shopping center located in Knightdale, North Carolina for $43.6 million, Corona Hills Marketplace, a 149,000-square-foot shopping center located in Corona, California for $31.5 million, Fairmont Shopping Center, a 103,000-square-foot shopping center in Pacifica, California for $39.3 million and Tacoma Central, a 112,000-square-foot shopping center in Tacoma, Washington for $29.9 million.
Year to date, the company’s sales included 20 properties and three land parcels, totaling 3.0 million square feet, for a gross sales price of $392.8 million. Also, during 2019 Kimco acquired three grocery-anchored parcels at its existing properties through a sale-leaseback transaction for $31.2 million. Kimco’s allocable share of year-to-date total dispositions, net of acquisitions was $200.8 million. The blended cap rate for the property sales for the quarter and year-to-date remains within the company’s expected range of 7.25% to 7.75%.
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of June 30, 2019, the company owned interests in 428 U.S. shopping centers and mixed-use assets comprising 75 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
