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Kimco-RioCan JV Closing 934,000-SF Mall Deal for $133M

NEW YORK CITY-The partnership's portfolio approaches three million sf with the acquisition of three Canadian shopping Centers. New York-based Kimco and Toronto's RioCan spent $133M on the latest additions.

By Glen Thompson | Updated on May 06, 2002

NEW YORK CITY-Locally based Kimco Realty Corp. and its Toronto JV partner RioCan Real Estate Trust yesterday revealed the acquisition of one shopping center and company officials say deals on two additional retail properties will close this week. Aggregate price for the three assets is $133 million.

Already closed is the acquisition of Strawberry Hill Shopping Centre, a 330,000-sf unenclosed property located in Surrey, British Columbia. The facility is anchored by a 104,000-sf Home Depot, a 52,000-sf Cineplex theater and a 31,000-sf Winners discount-apparel chain location. The center is 99% occupied and has an additional 16,000 sf of expansion capability.

Expected to close within the next few days is the JV’s purchase of Brentwood Village Shopping Centre, located in Calgary, Alberta. Another open-air complex, Brentwood Village is a 315,000-sf property anchored by a Safeway supermarket, a 46,000-sf Sears Whole Home and a 25,000-sf London Drugs. Other national tenants include Blockbuster Video, Pier 1 Imports, Bank of Montreal, Pennington’s and Sleep Country Canada. The center is currently 97.2% occupied.

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