(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW HYDE PARK, NY-Kimco Realty Corp. has completed its $81.8-million purchase of Atlantic Realty Trust. When the deal was originally announced last December, Kimco officials had estimated the cost would be $92.5 million.
The New York City-based Atlantic was a Maryland REIT formed for the purpose of liquidating its interests in real properties, its mortgage loan portfolio and certain other assets and liabilities which were transferred from Ramco-Gershenson Properties Trust. It owned one retail property, the Hylan Plaza Shopping Center in Staten Island.
Each share of beneficial interest in Atlantic will be entitled to receive 0.5680 shares of Kimco common stock. As a result of the completion of the merger, Atlantic Realty Trust shares will no longer be listed on the Nasdaq Capital Market.
Kimco is a publicly traded REIT that specializes in shopping center acquisitions, development and management. The company owns and operates neighborhood and community shopping centers with interests in 1,048 properties comprising approximately 135.8 million sf of leasable space located throughout 44 states, Canada, Mexico and Puerto Rico. Prior to this acquisition, Kimco's acquired all the shares of GDE Properties Corp., a private entity that owned a portfolio of three supermarket-anchored properties located in Southern and Central California for approximately $104.5 million.
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