Kimco Realty (NYSE: KIIM) has acquired the remaining 50 percent interest in the 311,000-square-foot Santee Trolley Square Shopping Center from Phoenix-based Vestar Development Co. for $49 million. The property is encumbered by a $48.5 million mortgage.
Santee Trolley Square, now 100 percent owned by Kimco, sits at the terminus of the Green Line of the trolley. It was built in 2001 and is currently 98 percent occupied. Retailers at the center include Target, T.J. Maxx, PetsMart, Party City, Bed Bath & Beyond, 24-Hour Fitness, Olive Garden and a Chili’s Bar & Grill, among other tenants. The property also features a 250-seat amphitheater.
Along with Kimco’s purchase of the 108,741-square-foot City Heights Retail Village center for $35.6 million last November, Kimco now owns 21 properties in the San Diego region.
The Santee Trolley Square Shopping Center. Courtesy of CoStar