NEW HYDE PARK, NY-Locally-based shopping center operator Kimco Realty Corp. has paid $67 million to acquire a partner’s stake in 70 shopping centers across the United States.
The transaction involves the purchase of Kimco’s unnamed partner’s 9.7% interest in the Kimco Income Fund 1 portfolio and its 3.6% interest in the Kimco Income REIT joint venture.
The 12-property Kimco Income Fund 1 and 58-property Kimco Income REIT portfolios total 13.9 million square feet of retail space across 23 states, including: New York, Virginia, Florida, Maryland, California, and Texas. With the deal, Kimco increases its ownership stake in Kimco Income Fund 1 to 39.2% and to the Kimco Income REIT to 48.6%. The collective occupancy level of the two fund portfolios is approximately 96%.
Major tenants at the portfolios’ properties include: Stop & Shop, Giant Food, Bed Bath & Beyond, Home Depot, Walmart, and T.J.Maxx.