BOSTON-Locally based Newkirk Realty Trust has closed on the $160-million sale of 50 supermarket properties in a deal that gives Kimco Realty Corp. and Schottenstein Stores Corp. 2.3 million sf of space that is occupied by the Albertsons Inc. Those leases expire over the next four years.

The sale brought in net proceeds of approximately $159 million after closing costs for Newkirk, which will use about $22 million of that money to satisfy existing debt. The remaining proceeds were deposited with an intermediary to be used in 1031 tax free exchanges, the company says in a statement. Approximately $49 million of that money was used for reverse 1031 exchanges in connection with a previously acquired 226,000-sf office building in Rochester, NY along with a Glenwillow, OH property, acquired on June 30, which is leased to Royal Appliance. Newkirk acquired the Rochester asset for $26.4 million in late April and leased to the Frontier Corp.

Newkirk announced in April that it had entered into a letter of intent to sell the 50 Albertson's occupied properties to Kimco, of Hyde Park, NY, and Schottenstein, of Columbus, OH. Officials with Newkirk, Kimco and Schottenstein could not be reached for further comment by GlobeSt.com's deadline.