Kimco Wraps Up Pan Pacific

NEW HYDE PARK, NY-Executives at Kimco Realty Trust say they expect to close their $4-billion acquisition of the 138-center Pan Pacific Retail Properties today. The closing of the transaction follows an announcement earlier in the month that Prudential Real Estate Investors will contribute $1.1 billion to the purchase of the San Diego-based REIT.

Meanwhile, Kimco is still looking at big-time portfolio buys. During their third-quarter conference call, vice chairman David Henry, acknowledged that Kimco had considered the acquisition of Inland Retail Real Estate, which Developers Diversified Realty is buying for $6.2 billion. “We took a very hard look at the Inland deal,” he says.

For its quarter, which ended Sept. 30, Kimco purchased 65 centers at a total cost of $621 million. Included in those were 10 properties in Florida that are all anchored by the grocer Publix and were acquired in a joint venture with UBS Wealth Management