Kimco acquires 12 properties for $408m
Kimco Realty Corp., a REIT based in New Hyde Park, N.Y., has acquired the remaining 60.9 percent interest in the 12-property Kimco Income Fund I portfolio from its joint venture partners for a gross price of $408.0 million, including the assumption of $38.2 million in mortgage debt. The sellers were not disclosed.
As part of this transaction, the company will repay $118.9 million of mortgage debt encumbering nine of the properties. In addition, Kimco earned a cash promote of approximately $18.8 million, which was used to reduce the company’s overall cash payment to $251.4 million.
The properties total 1.5 million square feet and are primarily located in the mid-Atlantic, Northeast and Northern California. The properties are 98 percent occupied and tenants include national retailers such as Royal Ahold, Safeway, Dick’s Sporting Goods and TJX-Companies’ businesses. In addition, 10 of the 12 properties a