SANTEE, CA—Kimco Realty Corp. has bought out its partner for ownership of the 311,000-sq.-ft. Santee Trolley Square retail center here.
The company acquired its institutional partner’s 50 percent ownership interest based on a gross purchase price of $98 million. The property is encumbered by a $48.5 million mortgage. Kimco now owns 21 properties in the San Diego area. Kimco and Vestar Development Co. partnered to build the property in 2002.
The 12-year-old property is 98-percent occupied. Anchors include T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target, and other tenants include Olive Garden Italian Restaurant, Starbuck’s Coffee Company, Chili’s Bar & Grill and Chipotle Mexican Grill. The property also features a 250-seat outdoor amphitheater which is often host to live entertainment and other special events. San Diego’s MTS Trolley has its final stop at the retail center.
