Kimco Realty Corp Acquires Partner's Stake In 70 Shopping Centers-DJ

Monday, 10 Jun 2013 08:33am EDT 

Dow Jones reported that Kimco Realty Corp announced that it has purchased its partner's 9.7% interest in the Kimco Income Fund I KIF I) portfolio and 3.6% interest in the Kimco Income REIT (KIR) joint venture for $67 million at a blended cap rate of 6.6%. With this investment, Kimco has increased its ownership stake in KIF I and KIR to 39.2% and 48.6%, respectively. The two investment portfolios are comprised of strong-performing power centers and grocery-anchored shopping centers with tenant rosters dominated by grocers Stop & Shop and Giant Food, and investment-grade retailers such as Bed Bath & Beyond, Home Depot, Walmart, and T.J.Maxx. The collective occupancy level of the two portfolios averages approximately 96%. 

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