What's Kimco's Latest Offering?

A report on Real Estate Alert today says New Hyde Park, N.Y.'s Kimco Realty Corp. is marketing a $450 million shopping center portfolio of 12 properties. 

The report, HERE, says all except one are Mid-Atlantic and New England supermarket, and are available as a whole or in parts. 

Kimco, REAlert.com reports, "has been selling assets at an average 7.9% capitalization rate this year. However, the package up for grabs is of higher quality, and market pros anticipate a blended cap rate in the mid-to-high 5% vicinity."  It adds that CBRE has the listing.

In October, Kimco, a REIT that is traded on the New York Stock Exchange, bought 24 retail properties, mostly near Boston, for $270 million, which included a $121.5 million mortgage debt assumption. Press release here.

The fund that is marketing the shopping center portfolio, the article says, was established in 2004 with money from insurers. It also says that Kimco and its partners have been sales-aggressive, having sold 107 U.S. retail properties for $1.2 billion in the past three years, according to Real Capital Analytics.

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