Former Western Properties Trust executive Josh N. Smith has been named president of Kimco's western region. Smith has 14 years of experience in real estate, including 10 years with Spieker Properties. He was most recently chief investment officer and senior vice president at Western Properties Trust and is responsible for more than $275 million in neighborhood and community shopping center acquisitions and developments.
Kimco, a publicly traded real estate investment trust, specializes in shopping center acquisitions, development and management. It has an interest in 495 properties comprising about 66.5 million sf of leasable space in 41 states including the 42,000 sf Magnolia Square.
In a joint venture with Simon Property Group and the Schottenstein Group, Kimco recently paid $435.5 million for the rights to resell and re-lease the real estate assets of the bankrupt Montgomery Ward LLC and its affiliates. The property consists of 250 former Ward's retail locations, including 184,946 sf in the Serramonte Center in Daly City, 155,800 sf in San Jose and another 146,352 sf in Pleasant Hill.
The designation rights also include 315 separate fee simple and leasehold property interests. With the initial purchase price of $60.5 million, the total cost may exceed $435.5 under the terms of the asset purchase agreement, according to a Kimco spokesperson.
Minneapolis based Target Corp. plans to buy rights to 35 former Wards stores, from the joint venture partnership, for about $700 million, including remodeling costs. The retailer plans to open 30 or more stores in 2002, 18 of them be in California where it has been difficult to find prime locations.
St. Louis-based May Department Stores, which owns a number of department stores nationwide including the Meier& Frank stores, has agreed to buy another 13 Ward's stores nationwide. It also plans to renovate and reopen the stores in 2002.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
