Kimco Realty Corp. has acquired interest in two Puerto Rico shopping centers and has agreed to acquire interest in five additional local shopping centers.

With an aggregate value of close to $448 million, the portfolio of properties is approximately 97.5% occupied, and it includes anchor tenants such as Home Depot, Sam’s Club, JC Penney and other top retailers. “This transaction, which represents Kimco’s first property investment in Puerto Rico, heralds its commitment to the island, its people and its economy,” said Mary Ann Savarese, former vice president & director of real estate for RD Management for the past 26 years, now representing Kimco.

The total consideration, when all transactions are completed, will consist of approximately $97 million in cash, $20 million in partnership units issued to the contributors, convertible into Kimco common stock, other partnership units totaling $184 million, of which $26.2 million has limited conversion features, and the assumption of approximately $147 million in mortgage debt.

A seasoned veteran of the retail real-estate industry and a darling of the island’s business community, Savarese is certain of the sustainability for growth that Kimco’s commitment to Puerto Rico will represent. “This is truly a very significant event,” she said smiling. “Not often do all factors coincide to result in a powerful influx of capital in an area holding as much promise and opportunity as we find here.” The corporate executive went on to explain that her company and she personally are 100% committed, dedicated and very excited about this development, and emphasized that the only possible outcome is a big 360 degree win for all parties involved and for the people and economy of the island.

Kimco Realty Corp. is a publicly traded real-estate investment trust specializing in shopping center acquisitions, development and management for over 45 years. The company owns and operates the nation’s largest portfolio of neighborhood and community shopping centers with interest in 1,048 properties comprising approximately 135.8 million square feet of leasable space located throughout 44 states, Canada, Mexico and now Puerto Rico.