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Kimco Buys $1.1B in Centers During Q2

NEW HYDE PARK, NY-Kimco bought 34 centers during the period and sold 28 for $545 million.

By Debra Hazel | Updated on July 10, 2007

NEW HYDE PARK, NY-Kimco Realty Corp. remains on a transaction binge, spending some $1.1 billion in North and South America during the second quarter, preparing for more development, and getting deeper into the hospitality business.

The company acquired 34 shopping center projects during the quarter, while disposing of 28 properties totaling 3.4 million sf for approximately $545 million. In addition, its Kimco Select division, in a joint venture with Westmont Hospitality Group, purchased the stock of InTown Suites, a 127-property portfolio for approximately $781 million. The properties, which will be operated by Westmont, are located across 21 states.

The shopping center acquisitions largely are located in high density metropolitan markets including Miami; San Diego; Reno, NV; Philadelphia and Santiago, Chile. The projects vary in size from the 350,000-sf Flagler Park Plaza in Miami, to the 320,000-sf mixed-use Suburban Square in metro Philadelphia to the 120,000-sf D’Andrea Marketplace in metro Reno, Nev.

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