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Kimco Realty (KIM) Buys Partner's Interest In Santee Trolley Square, San Diego

 January 15, 2013 04:19 PM

(By Balaseshan) Kimco Realty Corp. (NYSE: KIM) said it has purchased its institutional partner's 50% ownership interest in Santee Trolley Square in suburban San Diego for a gross purchase price of $98 million.

The property is encumbered by a $48.5 million mortgage. Santee Trolley Square is a 311,000-square-foot, 98%-occupied, power center located in Santee, an eastern suburb of San Diego.

Built in 2001, the retail center is anchored by several prominent national retailers such as T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.

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The center also offers consumers a multitude of dining options such as Olive Garden Italian Restaurant, Starbuck's Coffee Co., Chili's Bar & Grill and Chipotle Mexican Grill.

Together with the recent purchase of City Heights Retail Village, Kimco now owns 21 properties in the desirable San Diego-Carlsbad-San Marcos metropolitan statistical area (MSA).

On January 10, the company said it is a participant in the transaction reported earlier today by Supervalu Inc. (NYSE: SVU) through its investment in a consortium led by Cerberus Capital Management, L.P.

The company will hold an interest of about 15% in this investment group that originally acquired a portion of Albertsons, Inc. in 2006. Kimco anticipates funding its investment of up to $76.5 million from existing cash balances, existing credit facilities and cash from operations.

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On January 7, the company announced that its transaction volume exceeded $1.2 billion for the full year 2012. For the full year, Kimco acquired a total of 27 shopping centers, which had a combined average occupancy of 96.5 percent, for a gross purchase price of $653.6 million, including $227.1 million of mortgage debt.

These acquisitions include the company purchasing the full interest in 24 U.S. shopping centers for a total gross purchase price of $540 million.

KIM closed Tuesday's regular session up 0.35% at $19.84. The stock has been trading between $17.16 and $21.16 for the past 52 weeks.

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