Kimco Realty discloses Q4'21 property acquisitions, sales

Kimco Realty Corp., in reporting its latest earnings, said it paid $134.0 million to buy the remaining 85% stake it did not already own in two grocery-anchored shopping centers in California from an existing joint venture partner during the fourth quarter of 2021.

The shopping center real estate investment trust's pro-rata share of the sales price for Anaheim Plaza and Brookvale Shopping Center was $113.9 million.

During the fourth quarter, Kimco paid a pro rata price of $26.0 million to acquire its existing joint venture partner's 10% stake in the 366-unit Centro Arlington multifamily mixed-use asset in Arlington, Va., which is anchored by a Harris Teeter LLC grocery store. It also purchased two adjacent parcels at existing centers for a total of $20.3 million, or $13.8 million at its share.

Also during the period, the REIT provided $15.0 million in mezzanine financing for the purchase of a 254,000-square-foot grocery-anchored center called The Markets at Town Center in Jacksonville, Fla.

Separately, it sold two land parcels and four shopping centers totaling 380,000 square feet for a combined $65.8 million, and its share of the sales price amounted to $14.7 million.