Kimco Buys San Diego Retail Center
By: Leon Castles
on Monday, November 26, 2012
New York based Kimco Realty Corp has made an announcement that they have bought City Heights Retail Village in San Diego. The company said that the grocery anchored retail center is a good deal for the company and they have acquired the retail center for $35.6 million. The company believes that the retail center has lot of options and therefore they would like to make the acquisition of the retail center. Kimco said that they would like to come up with bigger plans in the future but for that they will need to have the right properties on their hand.
The company said that 7.49 acre retail center has opened up in summer 2001 at the intersection of University and Fairmount avenues. City Heights Retail Village LLC is affiliate of the local City Scene Management. The company said that they cannot reveal more information at the moment. Kimco Realty Corp said that they have more than 922 shopping centers in more than 44 states and they would like to expand their portfolio in the future. The firm also believes that they would like to renovate the retail center in their own way and allow better tenants to make use of it in the future. The company has already worked on the master development plan of the retail center.