Friday, October 26, 2012

Kimco seeking to unload three downtown sites

by Natalie Kostelni

After having acquired several properties in Center City several years ago, Kimco Realty Corp. is looking to sell its Philadelphia holdings that don’t fit into a retail focus.
The New Hyde Park, N.Y., company has put its interests in 1831 Chestnut St. and 1401 and 1805 Walnut St. up for sale. The three buildings are in prime Center City locations and in various stages of residential development.
The company was on a bit of a buying spree in 2007 when it bought several buildings in Center City, particularly in the Rittenhouse Square neighborhood, with the intent of building up a residential presence.
Kimco officials couldn’t be reached for comment to discuss its change of direction.
The real estate investment trust focuses on neighborhood and community shopping centers. It initiated what it calls an “asset recycling initiative” to sell properties it deemed as nonstrategic and nonretail, according to company filings. At the same time, it has boosted the number of shopping centers it owns, spending $984.8 million to buy 47 properties.
The three buildings offer an opportunity for an investor to either boost its residential holdings in Center City or enter the market with a ready-made footprint.

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