Kimco Sells 230,000-SF Shopping Center

LAS VEGAS-Kimco Realty Corp. of New York has sold Charleston Plaza, a 230,000-sf shopping center here for $21.5 million. The new owner is Safco Capital, an investment vehicle of Los Angeles based real estate investor John Safi.Built in 1989, Charleston Plaza is located at the southwest corner of Charleston Boulevard and Burnham Avenue. The center was 98.5% leased at the time of sale. Tenants include Albertson’s (NAP), Sav-On, Factory 2U, Greenbacks and Rodeo Discount Mall.Dixie Walker and Charley Simpson of Grubb & Ellis’ Newport Beach office had the disposition assignment and also sourced the buyer. Mike Kammerling of Grubb & Ellis in Las Vegas assisted in the transaction. Walker tells GlobeSt.com that Kimco acquired the property about three years ago as part of a portfolio. “The sale was part of a strategy by Kimco to divest itself of non-core assets in areas where they do not have a major presence,” says Walker. “Safco owned property just down the street so it was a great fit for both parties.” Some issues that prolonged the transaction included Factory 2U filing for bankruptcy and Sav-On Drugs’ plans to eventually vacate its 21,000-sf location in the center and consolidate into the 43,000-sf Albertson’s store, says Walker.