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Kimco buys out JV partner in 2 Fla. assets for $299.2M


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Kimco buys out JV partner in 2 Fla. assets for $299.2M

Kimco Realty Corp.bought out its joint venturepartner in two assets in Hollywood, Fla., for $299.2 million and closed on an estimated$460.8 million in property sales and acquisitions during the first quarter.

The company said April 11 that it purchased the remaining 45%stake in the 900,000-square-foot OakwoodPlaza shopping center and the Dania Pointe mixed-use development project from Canada PensionPlan Investment Board. The $299.2 million gross purchase price included $100.0 millionin assumed mortgage debt.

Oakwood Plaza, which was acquired for $215.0 million, is 100%occupied by tenants such as Home Depot, Marshalls, HomeGoods, Ross Stores, Michaels,PetSmart, BJ's and Regal Cinemas. The two-phase Dania Pointe project, meanwhile,will feature about 900,000 square feet of retail stores and restaurants, two officetowers, two hotels comprising 300 rooms and 1,000 luxury apartments. The first phaseof the project will comprise the 318,000-square-foot open-air power center, withconstruction set to begin in the fall. A lifestyle center offering 575,000 squarefeet of main-street retail, residential towers and office buildings will make upthe project's phase two, which is slated to break ground at 2017-end.

Kimco added that, during the first quarter, it sold stakes inseven Canadian shopping centers aggregating 1.7 million square feet for $322.9 million,including $119.7 million of assumed existing mortgage debt. At the company's share,the sales price equates to $155.3 million plus $57.5 million of assumed debt.

In the U.S., the company sold six properties comprising 767,000square feet for $107.6 million, or $103.7 million at its share. It also divestedfour land parcels for $6.1 million, including the sale of 9.2 acres in Spring, Texas, to Target Corp. for thedevelopment of a new anchor store at Kimco's new 450,000-square-foot .

As disclosed earlier, Kimco also gained 100% ownership of theOwings Mills Mall property in the Baltimore-Columbia-Towson MSA by General Growth Properties Inc.'s remaining 50% stake in theasset for $11.5 million and acquiring the parcels owned by J.C. Penney Co. Inc.and Macy's Inc. for $5.2 million and $7.5 million, respectively. The company plansto redevelop the mall into a new open-air center.