BOSTON-Locally based Newkirk Realty Trust Inc. plans to sell 50 retail properties currently leased to Albertson’s Inc. for $160 million to Kimco Realty Corp. and Schottenstein Stores Corp. The sale, which is expected to be completed during the third quarter of 2006, follows an announcement by Newkirk that it has formed a joint venture with Winthrop Realty Trust to acquire and originate loans secured by real estate assets.

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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.