Kimco Realty Corp. (NYSE:KIM) announced the acquisition of City Heights Retail Village in San Diego for $35.6 million, including the assumption of $20 million of mortgage debt. City Heights Retail Village is a 99.0 percent occupied, 109,000-square-foot grocery-anchored shopping center located in the densely populated community of City Heights, three miles northeast of downtown San Diego and two miles from San Diego State University’s main campus with its 35,000 students and faculty. Developed in 2001, City Heights Retail Village is anchored by a 66,000-square-foot Albertsons grocer along with other national retailers including Starbucks Coffee, Chase Bank, Scripps Wellness Center, O’Reilly Auto Parts and McDonalds.
This neighborhood center is strategically situated in an infill location with high barriers to entry and limited retail competition, and is surrounded by a library, police station, community and state colleges, as well as office, residential and recreational spaces. Approximately 258,000 residents live within three miles of City Heights Retail Village, and an estimated 36,000 vehicles pass by the center daily on one of its four bordering roads. The center is easily accessed from Fairmount Avenue, University Avenue, Highland Avenue and Wightman Street, and is convenient to Interstate 15, I-8 and I-808 highways.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of Sept. 30, 2012, the company owned interests in 922 shopping centers comprising 135 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisition, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.