NEW HYDE PARK, NY—Kimco Realty has bought outits joint venture partner SEB Asset Management totake full ownership in a portfolio of 10 shopping enters in theMid-Atlantic region, most of which are grocery-anchored properties.The REIT paid $275.8 million for the remaining 85%equity interest in the 1.4-million-square foot portfolio, includingthe assumption of $193.6 million in mortgage debt.
The properties are located in markets with high barriers toentry and strong household income levels, the REIT reports. Theportfolio is 95.4% occupied and anchored by such brands asGiant Food, Harris Teeter, Weis Markets, Safewayand Food Lion. Shadow anchors includeKroger, Target, Lowes and Sam'sClub. Other tenants are Ross Stores, Bed Bath& Beyond, Marshalls, Kohl's, PetSmart, andMichaels.
This is the latest deal in which Kimco bought out a JVpartnership and part of a larger strategy of repositioning itsportfolio with high-quality assets. So far this year the REIT hasmade three joint venture portfolio acquisitions, adding some 25properties to its portfolio valued at $776.9 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
