San Diego Business Journal

Kimco Takes Full Ownership of Santee Retail Center for $98M

Thursday, January 17, 2013

Kimco Realty Corp. of New York has acquired full ownership of the three-building Santee Trolley Square Town Center retail plaza, at a gross purchase price of $98 million.

A statement from the real estate investment trust said the company acquired its institutional partner’s 50 percent ownership interest in the property, located off state Route 52 at 9884 Mission Gorge Road. Kimco said the property is encumbered by a $48.5 million mortgage.

Santee Trolley Square, built in 2001, has a total of 311,000 square feet and is 98 percent occupied. Tenants include Target, T.J. Maxx, PetSmart, Bed Bath & Beyond and 24 Hour Fitness. The property also has a 250-seat outdoor amphitheater.

Kimco owns interests in 922 shopping centers in the U.S., Canada, Mexico and South America, including 21 properties in San Diego County. It recently acquired City Heights Retail Village in San Diego for $35.6 million.

-- SDBJ Staff Report