KIMCO IN THE NEWS: Q4 2015 RECAP
We spent the last three months of 2015 focusing on the future. A bevy of news reports came out in Q4 discussing updates to our shopping centers, new developments planned for 2016, and general stories about company leaders and industry trends. There was even a piece about rubbish – literally, a piece about garbage – but it certainly showed Kimco’s out-of-the-box thinking for waste disposal.
Let’s look at the highlights of our Q4 media coverage.
Awards and recognition
First, congratulations are in order for President and now CEO Conor Flynn. He received an honorable mention for the Retail Property Executive of the Year award from Commercial Property Executive. Flynn also gave Bisnow five predictions on trends that will impact the industry in 2016, and spoke to Shopping Centers Today about cap rates, wellness concepts, and open-air centers (subscription required).
Kimco was recognized during MAPIC 2015, a global real estate show held in November in Cannes, France. The United States was the country of honor this year, and as one of the largest domestic shopping center operators, Kimco was a key attendee at the show.
Movers and shakers
Kimco completed a number of acquisitions and divestitures in Q4. On the acquisition side, Kimco acquired Christown Spectrum Mall, a Phoenix-area power center that boasts a Super Target, Costco, and Walmart Supercenter, and offers a number of redevelopment and value creation opportunities. The acquisition further strengthens our position in the well-regarded Phoenix area, which includes the popular Mesa Riverview along with our other local centers.
Kimco sold its 50 percent stake in Tillicum Centre, located in Victoria, British Columbia, to RioCan. This is yet another move in our departure from Canada, and our work with RioCan continues to receive media coverage both in the United States and in Canada.
Kimco also sold two shopping centers in Louisiana – Hammond Aire Plaza and Prien Lake Plaza – for almost $60 million, and a New Mexico-based shopping center, Plaza Paseo del Norte.
What’s to come
We mentioned Mesa Riverview earlier, and we’re planning a 13,000-square-foot expansion to the center with new space for as many as five tenants. The additions should help the center cater to baseball fans – the Chicago Cubs have their annual spring training nearby.
Speaking of big, we must mention Dania Pointe’s latest news. Kimco received zoning and city approvals for this mixed-use project that will add retail, office space, and hotel rooms to this once-sleepy Florida community.
In Baltimore, construction of a new 7,800-square-foot, brick-and-glass building at Timonium Square Shopping Center began in October. A Dick’s Sporting Goods is coming to Latham Farms Shopping Center, too. And this month, a Whole Foods Market will open in Orlando’s Altamonte Springs Shopping Center.
Kimco also tested out pop-up shops during the holiday season in Suburban Square, located in Ardmore, Pennsylvania. There were three pop-up shops that opened just before November and were in business through Christmas.
Odds and ends
Let’s talk trash. Our own Will Teichman discussed Kimco’s efforts to cut down on food waste (subscription required) and improve efficiency in Suburban Square’s Ardmore Farmer’s Market by increasing composting efforts and encouraging tenants to use only one trash hauler for all garbage disposal.
Our “Illumi-Nation” lighting program and other smart lighting initiatives were spotlighted, as well. Overall, LED lighting will be a major source of brightness for us in 2016 and beyond.
That’s all for now. We’ll be back in April, detailing the media coverage from the first quarter of 2016.