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Florida & Gulf Coast  + South Florida  + Retail  | 
Publix, Pembrook Commons in Pembrook, Pines, FL,

Kimco Pays $426M to Buy Out Partner’s Interest in Six Publix-Based Retail Centers

Kimco Realty Corp., has acquired the remaining 70 percent interest in a portfolio of six Publix-anchored, Sunbelt region shopping centers from its existing joint venture partner, Jamestown, for a gross purchase price of $425.8 million.

Subsequently, Kimco entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc., in which Kimco will own 50 percent of the portfolio and Blackstone will own the remaining 50 percent interest.

Kimco — whose original 30 percent interest in the portfolio was acquired through the company’s recently completed merger with Weingarten Realty — will continue to manage the portfolio on behalf of the new joint venture.

The assets total more 1.2 million square feet of gross leasable area in infill markets:

  • Flamingo Pines in Pembroke Pines, FL
  • Hollywood Hills in Hollywood, FL
  • Northridge Shopping Center in Oakland Park, FL
  • Pembroke Commons in Pembroke Pines, FL
  • Publix at Princeton Lakes in Atlanta, GA
  • Tamiami Trail Shops in Miami, FL

Inside The Story

Kimco Realty

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
  • ◦Financing