Kimco buys $16.4M interest in Orleans shopping mall

Kimco Realty Corp. has purchased a 50-per-cent ownership interest in the Orleans Gardens Shopping Centre for $16.4 million.

The centre’s existing owner was North American Property Group, Kimco said in a statement.

“This grocery-anchored property is part of a new … joint venture with the center’s existing owner, North American Property Group, and marks Kimco’s sixth retail center in Ottawa,” Kimco stated.

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The shopping centre, at the intersection of Orleans and Jeanne D’Arc boulevards, covers 110,000 square feet. Anchor tenants include Loblaws (49,000 square feet) and Rexall Pharma Plus (11,000 square feet.)

“The property benefits from the suburb’s expanding residential and commercial population,” Kimco stated.

“There are approximately 110,000 residents within a three-mile (five kilometre) radius, and the average household income of $111,000 for this same area is one-third higher than the Canadian national average.”

Kimco is a real estate investment trust based in New Hyde Park, N.Y. The company owns 946 shopping centres across the United States, Puerto Rico, Canada, Mexico and South America. Sixty-four of those are in Canada.

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