Kimco Acquires Partner’s Share in 70 Centers

New Hyde Park, N.Y. — Kimco Realty Corp. acquired the interest for $67 million.

New Hyde Park, N.Y. — Kimco Realty Corp. has purchased its partner’s 9.7 percent interest in the Kimco Income Fund I (KIF I) portfolio and 3.6 percent interest in the Kimco Income REIT (KIR) joint venture for $67 million. The 12-property KIF I and 58-asset KIR portfolios total 13.9 million square feet of retail across 23 states. The properties are concentrated in New York, Virginia, Florida, Maryland, California and Texas. The main tenants at the centers include Stop & Shop, Giant Food, Bed Bath & Beyond, Home Depot, Walmart and T.J. Maxx. The average occupancy level of the two portfolios is approximately 96 percent.

The transaction carries a blended cap rate of 6.6 percent. With the investment, Kimco has increased its ownership in KIF I and KIR to 39.2 percent and 48.6 percent, respectively. Kimco is a real estate investment trust based in New Hyde Park. As of March 31, the company owned interests in 895 centers totaling 131 million square feet.

Tagged under