New Hyde Park, N.Y. - Kimco Realty Corp. has acquired a portfolio of 10 shopping centers from its joint venture with SEB Asset Management for $275.8 million, including $193.6 million of mortgage debt. Kimco, which previously held a 15% ownership interest in the properties, paid approximately $69.8 million for the remaining 85% equity interest held by SEB Asset Management, the group’s specialist real estate manager.
The 1.4 million-sq.-ft. portfolio is located in mature markets in the Mid-Atlantic region that have high barriers to entry and strong household income levels. The predominately grocery-anchored portfolio is 95.4% occupied and its anchors include Giant Food, Harris Teeter, Weis Markets, Safeway, and Food Lion, with Kroger and Sam’s Club as shadow anchors. The properties also feature national retailers including Ross Stores, Bed Bath & Beyond, Marshalls, Kohl’s, PetSmart, and Michaels, with Target and Lowes as shadow anchors.