Sep
08
Kimco Goes Solo with 4-Property Portfolio
ByThe company shelled out almost $171 million for the 85 percent joint venture stake.
Perimeter Expo, Atlanta
New Hyde Park, N.Y.—Kimco Realty Corp. has gone from minority partner to sole owner of a 722,500-square-foot portfolio of grocery-anchored shopping centers with the acquisition of the remaining 85 percent joint venture stake in the four-property collection. The REIT wanted the open-air retail destinations all to itself, and shelled out $170.7 million for the privilege.
The transaction included the assumption of $103 million in mortgage debt, and concurrent with the portfolio purchase, Kimco prepaid $26 million in mortgage debt on the properties…
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