Kimco Buys Out Partners in KIF Portfolio

NEW HYDE PARK, NY—Shopping-center REIT Kimco Realty Corp. said Thursday afternoon it had acquired the remaining 60.9% interest in the 12-property, 1.5-million-square-foot Kimco Income Fund I portfolio from its partners. The company is paying $408.2 million for the grocery- and necessity-anchored shopping centers, including the assumption of $38.2 million in mortgage debt and the repayment of $118.9 million in debt encumbering nine of the properties.

The REIT said the acquisition will advance its simplification goals, to include reducing the number of institutional joint ventures and partners, streamlining property ownership and management, and adding high-quality retail assets to its wholly owned portfolio. Additionally, the acquisition bolsters its position in key retail territories.