Dealmaker: Kimco Realty Corp. Acquires California Shopping Centers for $61M

Kimco Realty Corp., New Hyde Park, N.Y., paid $61.4 million for interests in three California shopping centers.

The real estate investment trust’s recent acquisitions include the remaining 85 percent interest in Creekside Center in Hayward, Calif. and Brookhurst Center in Anaheim, Calif. Kimco paid $46.3 million for the interest and assumed $35.7 million in mortgage debt, which it subsequently repaid.

Creekside Center in the San Francisco-Oakland-Hayward metro and Brookhurst Center in the Los Angeles-Long Beach-Anaheim metro total 234,000 rentable square feet. Both assets occupy core markets where the population within three miles exceeds 250,000.

In Temecula, Calif., Kimco acquired a 55 percent ownership interest in the 102,000-square-foot Vail Ranch Plaza center for $15.1 million. A Sprouts Farmers Market anchors Vail Ranch Plaza, which abuts Kimco’s 417,000-square-foot Redhawk Towne Center. Annual household income within three miles of the centers averages $101,000, Kimco said. 

In the Philadelphia, area, Kimco acquired two parcels adjacent to its flagship Suburban Square shopping center for $6.8 million. A high-volume Trader Joe’s grocery store and an Apple Store anchor Suburban Square in Ardmore, Pa. Household incomes exceed $131,000 in this Philadelphia Main Line submarket.

Kimco said it acquired interests in 20 properties totaling 2.4 million square feet during 2016, including 10 acquired from existing joint venture partners, for $520.1 million.