NEW HYDE PARK, NY—Kimco Realty Corp. announced last week it had acquired the remaining 60.9% interest in a 12-property, 1.5-million-square-foot Kimco Income Fund I portfolio from its partners. As GlobeSt.com’s Paul Bubny reported last week, 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 deal is of particular interest in the Mid-Atlantic, given that most of the assets in the portfolio are located through Maryland, or are in Delaware or Virginia.

Local properties trading include Enchanted Forest in Ellicott City, MD; Brandywine Commons II in Wilmington, DE; Burke Town Plaza in Burke, VA; Wilkens Beltway Plaza in Baltimore, MD; Radcliffe At Towson in Towson, MD; Shoppes at Easton in Easton, MD; and Perry Hall Centre in Perry Hall, MD.

Kimco says household income within a three-mile radius of the centers averages $98,000, and the average base rent is $17.59 per square foot. Both exceed Kimco’s current portfolio averages, by 17% and 35%, respectively. The KIF portfolio is 98% occupied, and 10 of the 12 properties are anchored by the top one or two grocers in each respective market.