International real estate investment and services firm Kennedy Wilson announced this week that it had acquired three properties in Utah, California and Idaho with its partners, including The LeFrak Organization and Kennedy Wilson Fund IV, for $37.3 million. Kennedy Wilson contributed $9.9 million of equity in the deals, with $23.1 million of debt outstanding and the balance from partner equity, and said that it plans to reposition all of the properties to capture further income potential. According to an L.A. Biz article, the company's multifamily portfolio in the U.S., Ireland and Japan totals 14,274 units.
"These retail investments provide the company with a predictable and steady income stream through credit tenants such as Burlington Coat Factory, In-N-Out Burger, Outback Steakhouse and Staples," John Prabhu, president of KW Commercial Investment Group, said in a statement.
The properties include: a 209,329 square foot multi-tenant retail center in Orem, Utah; 15,118 square feet of retail and office space in Malibu, California; and a 114,404 square foot retail center in Boise, Idaho.
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