New Hyde Park, N.Y. — Kimco Realty Corp. (NYSE: KIM) has bought out its joint venture partners in a four-property retail portfolio, purchasing the remaining 85 percent interest for $170.7 million.
The acquisition included the assumption of $103 million in mortgage debt, $26 million of which was prepaid by the company. The joint venture partners that sold their interest were undisclosed.
The portfolio includes Perimeter Expo, a 175,835-square-foot shopping center in the Atlanta suburb of Dunwoody, Georgia; Cranberry Commons, a 166,495-square-foot shopping center in the Pittsburgh suburb of Cranberry Township, Pennsylvania; Cypress Towne Center, a 279,210-square-foot shopping center in Houston; and Doc Stone Commons, a 101,042-square-foot shopping center in Stafford, Virginia, approximately 50 miles southwest of Washington, D.C.
— Katie Sloan
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