Newkirk, which owns more than 200 properties in 35 states, did not specify the properties that will be part of the sales transaction in a statement released by the company. Neither Newkirk officials nor the buyers could not be reached for comment by GlobeSt.com by deadline.
In a statement announcing that it had signed a letter of intent with the Kimco and Schottenstein, Newkirk says the sale is subject to a number of conditions, including the buyers' due diligence review of the properties and the consummation by the buyers of their acquisition of certain Albertson's assets.
In a joint statement announcing the formation of a joint venture, Newkirk and Winthrop say both parties have entered into a $300-million repurchase agreement with Column Financial Inc. which will leverage up to 75% of the $100 million in assets held in the joint venture. The partners anticipate a second repurchase agreement which will enable the joint venture to obtain an additional $200 million in leverage and said it believes the joint venture will acquire and originate about $600 million in loan obligations secured by real estate assets.
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