In a notable development, Kimco Realty Corp. KIM revealed the acquisition of the remaining 45% ownership in the Oakwood Plaza shopping center and the Dania Pointe development project in Florida for $299.2 million from its joint venture partner Canada Pension Plan Investment Board. The company also reported its first-quarter 2016 transaction activities.Specifically, the Oakwood Plaza and Dania Pointe are adjacent properties in Hollywood, FL. In fact, positioned along a heavily traveled section of I-95 and near the busy Fort Lauderdale-Hollywood International Airport and Port Everglades international cruise port, the properties are expected to experience high demand for space.Moreover, the 900,000-square-foot open-air center Oakwood Plaza boasts renowned companies as tenants like The Home Depot, Inc. HD, HomeGoods, Ross Stores, Michaels, PetSmart and Regal Cinemas. It was acquired for $215.0 million, including $100 million of mortgage debt assumption. On the other hand, Dania Pointe is a mixed-use, ground-up development project that would feature retail stores and restaurants, luxury apartments, two hotels and two office towers.The purchase of remaining stake in these two properties seems a strategic fit given the fact that based on net operating income (NOI), Oakwood Plaza grabs the second spot in Kimco’s Top 10 assets list while Dania Point, when completed, will be the company’s highest NOI producing property.Moreover, Kimco’s 2020 Vision envisages the ownership of premium assets in major metro markets in the U.S. as well as a reduction in the joint venture portfolio. And its first-quarter transaction activity reflects net selling and capital accumulation.In the quarter, Kimco completed around $460.8 million transactions, including the disposition of 7 Canadian shopping centers for $322.9 million. It also sold six U.S. properties for $107.6 million and four land parcels for $6.1 million.On the other hand, the company acquired the remaining 50% stake in the Owings Mill Mall (Baltimore-Columbia-Towson MSA) for $11.5 million as well as parcels owned by J. C. Penney Company, Inc. JCP and Macy's, Inc. M for $5.2 million and $7.5 million, respectively, which would help it develop a new open-air center in its place. Going forward, near-term earnings dilution led by high disposition activity and any rise in interest rates remain as concerns. However, its portfolio transformation initiatives and easy access to capital bode well for the long term.Kimco currently carries a Zacks Rank #4 (Sell).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HOME DEPOT (HD): Free Stock Analysis Report MACYS INC (M): Free Stock Analysis Report PENNEY (JC) INC (JCP): Free Stock Analysis Report KIMCO REALTY CO (KIM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research