New Hyde Park, N.Y. – Locally based Kimco Realty Corp. recently acquired five shopping centers totaling $98.2 million for the Kimco Income REIT (KIR). KIR is Kimco's strategic joint venture with institutional partners geared towardin retail properties financed primarily through individual, property specific, non-recourse mortgages.
KIR acquired four shopping centers from Urban Shopping Centers for approximately $65.1 million. Theconsist of 548,470 sq. ft. of GLA and are located in Florida (2), Illinois and Tennessee. KIR also acquired an additional property located in North Carolina for approximately $33.1 million. Finally, KIR is in contract to acquire a 262,624 sq. ft. shopping center in Oklahoma valued at approximately $26.8 million.