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Mall REIT Spends $98.2 Mil for Five Shopping Centers

NEW HYDE PARK, NY-Kimco buys four Urban Shopping Centers properties for $65.1 million and a fifth center for $33.1 million, adding more than 800,000 sf of retail space to its holdings.

By Glen Thompson | Updated on August 17, 2001

NEW HYDE PARK, NY-The country’s largest publicly traded shopping center owner, Kimco Realty Corp., announced this week the acquisition of five new properties. Price tag on the buy is $98.2 million for more than 800,000 sf of space, more than 98% of which is leased.

According to a company statement, the deal, announced last week, is composed of two separate acquisitions: Four properties owned by Urban Shopping Centers were purchased by KIR for $65.1 million and comprise 548,470 sf of gross retail space, 98.3% of which is leased. The centers, two in Florida, one each in Illinois and Tennessee, are leased to a variety of tenants including Bed, Bath & Beyond, Ross Stores and Staples.

A fifth property, located in North Carolina was bought by KIR for roughly $33.1 million. The 229,214-sf center is fully leased to tenants including Kohl’s, BJ’s Wholesale Club and others.

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