Kimco Buys City Heights Retail Center for $35.6M

Kimco Buys City Heights Retail Center for $35.6M

Friday, November 23, 2012

Kimco Realty Corp. of New York has purchased the grocery-anchored City Heights Retail Village in San Diego. The price was $35.6 million, according to a spokeswoman for the seller, City Heights Retail Village LLC.

The 7.49-acre retail center, part of the larger City Heights Urban Village, opened in summer 2001 at the intersection of University and Fairmount avenues. Urban village elements were developed by former San Diego City Councilman William Jones and the late philanthropist Sol Price.

City Heights Retail Village LLC is an affiliate of locally based City Scene Management Co. and CityLink Investment Corp. Jones is CEO of CityLink, which developed the master plan for the urban village that also includes a police station, gymnasium, library and four-block promenade.

A statement from the seller said the retail center was fully occupied at the time of the sale, with tenants including Albertsons, O’Reilly Auto Parts and Scripps Health.

Kimco Realty Corp. is a real estate investment trust that owns 922 shopping centers in 44 states and elsewhere in North and South America. Retail advisory firm Reza Investment Group of Irvine represented the buyer and seller in the transaction.

SDBJ Staff Report