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UPDATE: Kimco Completes Atlantic Realty Trust Acquisition

NEW HYDE PARK, NY-Locally based Kimco completes its acquisition of Atlantic Realty Trust. The New York City-based REIT had owned one retail property, the Hylan Plaza Shopping Center in Staten Island.

By Barbara Jarvie | Updated on April 01, 2006

(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.

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