Kimco Realty Corp. announced this week that it had executed a contract to acquire the remaining 66.67% interest in the Kimstone portfolio from a subsidiary of Blackstone Real Estate Partners VII for a price of $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Under the deal, Kimco will pay Blackstone approximately $512.3 million to acquire the portfolio in total, using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America as well as availability under its existing $1.75 billion revolving credit facility. With this acquisition, Kimco Realty continues to advance on its plan to reduce the number of properties in joint ventures, while adding retail assets to its wholly-owned portfolio.
Spanning 5.6 million square feet with a high occupancy rate (97%),the Kimstone portfolio comprises grocery-anchored shopping centers and dominant power centers concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. Major assets in the portfolio include: 280 Metro Center, a 228,000 square foot property located in the San Francisco Bay Area of Colma, California; Airport Plaza, a 437,000 square foot power center, located in the densely populated, high income Long Island community of Farmingdale, New York; Dulles Town Crossing, a 799,000 square foot, fully occupied power center located in Sterling, Virginia; and Stafford Marketplace, a 331,000 square foot, fully occupied grocery anchored shopping center is located in Stafford, Virginia.
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