NEW HYDE PARK, N.Y.--(EON: Enhanced Online News)--Kimco Realty Corp. (NYSE:KIM) today announced transaction activity for the first quarter 2017:
Acquisitions: First quarter acquisitions included two operating properties totaling $43.1 million and a 90% ownership interest in a new mixed-use development project for $10.0 million. Additional details are as follows:
- Plaza Del Prado, a 142,000-square-foot, grocery-anchored shopping center located in the Chicago-Naperville-Elgin MSA for $38.0 million. In addition to the Jewel-Osco grocery store, Plaza Del Prado features other national retailers, including Starbucks, McDonald’s, Chase Bank and Petco. Situated on 14 acres in the affluent suburb of Glenview, Illinois, on Chicago’s North Shore, Plaza Del Prado is supported by a population of approximately 83,000 with an average household income of $126,000 within a three-mile radius. At the time of acquisition, the shopping center was 87.6% occupied, offering near-term lease up opportunities as well as future value creation potential from the development of an outparcel.
- An improved retail parcel at the company’s Columbia Crossing shopping center, located in Columbia, Maryland. for a purchase price of $5.1 million.
A 90% ownership interest in Lincoln Square, a fully entitled,
mixed-use development project in the highly sought-after Center City
district of Philadelphia for $10.0 million. The project, which
recently commenced construction, will feature 322 residential units
and 100,000 square feet of retail space (approximately 80% pre-leased)
anchored by a 36,000-square-foot small-format Target store, a
32,000-square-foot specialty grocer and a 16,000-square-foot PetSmart.
Lincoln Square is estimated to be a $160 million live, work, play urban, transit-oriented development located at Broad Street and Washington Avenue. The project, which is within walking distance to the heart of Center City and offers convenient subway and bus access, boasts excellent demographics, with a population of 111,500 and an average household income of approximately $90,000 within a one-mile radius.
Dispositions: Sales for the first quarter totaled $113.2 million including the disposition of eight shopping centers, totaling 948,000 square feet, and one land parcel. Kimco’s share of the sales price was $65.8 million.
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 December 31, 2016, the company owned interests in 524 U.S. shopping centers comprising 85 million square feet of leasable space across 34 states and Puerto Rico. 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 50 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.
SAFE HARBOR STATEMENT
The statements in this news release state the company’s and management’s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates and management’s ability to estimate the impact thereof, (vii) risks related to the company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common stock, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s SEC filings. Copies of each filing may be obtained from the company or the SEC.
The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2016, as may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings with the SEC, which discuss these and other factors that could adversely affect the company’s results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.