NEW HYDE PARK, NY-Locally based Kimco Realty Corp. has formed ajoint venture with Israeli owner/developer BIG Shopping Centers toacquire neighborhood and community shopping centers throughout theUS. The initial $68.8-million investment marks BIG’s entry into theUS retail market.
Kimco and BIG’s JV is being launched with a pair of Californiaretail assets which Kimco bought late last year: Town Center Eastin the Long Beach suburb of Signal Hill and Stanford Ranch Crossingin Roseville, a suburb of Sacramento. Both former PL Retailproperties, the two centers total 343,000 square feet, with anchortenants including Home Depot, PetSmart, Staples, Ross Dress forLess and Sports Authority.
BIG has acquired a 49.9% interest in the venture, while Kimcowill retain a 50.1% interest in addition to acting as the operatingpartner, according to a release. Kimco had bought both propertiesas part of its $825-millionacquisition of the former PL portfolio from a fundmanaged by DRA Advisors this past November.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
