Kimco Realty (NYSE:KIM), a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., recently announced it has acquired the remaining 50 percent interest in the 311,000-square-foot Santee Trolley Square shopping center from Phoenix-based Vestar Development Co. for $49 million. The property is encumbered by a $48.5 million mortgage, Kimco said in a statement.
Built in 2001, Santee Trolley Square is 98 percent occupied and sits at the end of the MTS Trolley’s Green Line. Anchor tenants include T.J. Maxx, PetSmart, Party City, Bed Bath & Beyond, 24-Hour Fitness and Old Navy. Dining options include Olive Garden, Chilli’s Bar & Grill, Chipolte Mexican Grill and Starbucks’s. Approximately 103,000 residents live within three miles of the retail center, Kimco said.
Kimco Realty, the nation’s largest owner and operator of neighborhood and community shopping centers, owns interests in 922 shopping centers, comprising 135 million square feet of leasable space, across 44 states, including Puerto Rico, Canada, Mexico and South America. With its recent purchase of the 108,741-square-foot City Heights Retail Village for $35.6 million last November, Kimco now owns 21 properties in San Diego County.
Rick Griffin Marketing Communications is a full-service public relations, advertising and marketing firm.