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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
- ◦Sale/Acquisition
- ◦Financing
