The Real Deal New York

Kimco buys three shopping centers, one in LI

July 11, 2011 11:28AM
By David Jones

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Independence Plaza Mall in Selden, N.Y.

Kimco Realty, a New Hyde Park-based real estate investment trust, said this past Friday
that it acquired three grocery-anchored shopping centers measuring a total of 595,000
square feet during the second quarter for $75.5 million, led by the Independence Plaza
mall in Selden, N.Y.

The 245,000-square-foot mall in Long Island was acquired by a joint-venture that is 50.1
percent owned by Kimco. The mall is anchored by Home Depot, Old Navy and King
Kullen grocers. The deal includes $34 million in mortgage debt.

Kimco acquired Garden State Pavillions, a 257,000-square-foot mall in Cherry Hill, N.J.,
for $18.3 million. Shop Rite and Ross Dress for Less are the anchor-tenants at this center.

The third acquisition was a $13.7 million deal for a 93,000-square-foot mall called the
Village Shoppes of Flowery Branch, anchored by a Publix store in Flowery Branch, Ga.
The deal included $9.3 million in mortgage debt.

Kimco said it also completed the sale of 11 non-strategic shopping centers during the
second quarter, totaling 1 million square feet, for $48.5 million, of which the company’s
share was $44.6 million. Kimco said it used the proceeds from these deals to buy the
aforementioned grocery-anchored malls.

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