Kimco Realty Corp. announced this week that it had acquired the remaining 60.9% interest in the Kimco Income Fund I portfolio from its joint venture partners. The REIT has previously purchased interest in the fund from its partners, gaining an additional 9.7% last June; this latest purchase gives the company complete ownership of the 12-property portfolio. The remaining 60.9% was acquired for a gross price of $408.0 million, including the assumption of $38.2 million in mortgage debt. Kimco Realty will also repay $118.9 million of mortgage debt encumbering nine of the properties.
Real Estate Alert, which in December said the fund was marketing the portfolio for sale but noted that Kimco itself might be the buyer, reported that five of the centers are in Maryland. They include the 140,000-square-foot Enchanted Forest Shopping Center in Ellicott City; the 135,000-square-foot Wilkens Beltway Plaza in the Baltimore suburb of Catonsville; the 113,000-square-foot Shoppes at Easton in Easton; the 88,000-square-foot Radcliffe Center in Towson; and the 65,000-square-foot Perry Hall Centre in Perry Hall. The two other Mid-Atlantic centers are the 166,000-square-foot Brandywine Commons 2 in Wilmington, DE and the 133,000-square-foot Burke Town Plaza in Burke, VA.
For more news and information visit Blumberg Capital Partners.
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