As reported in NET LEASE forum in February, Kimco andSchottenstein are part of a consortium of investors purchasing theBoise, ID-based Albertson's business for a total $17.4 billion incash, stock and debt assumption. Just what the two firm'sintentions are for the properties being sold by Newkirk, which hasoffices in Boston and Jericho, NY, are unclear. A Kimcospokesperson did not respond to an inquiry at deadline.

No specifics were revealed about the Albertson's properties thatNewkirk plans to sell. The price averages to $3.2 million aproperty. A recent Newkirk filing with the Securities and ExchangeCommission indicates that its portfolio includes 71 propertiesleased to Albertson's nationwide. Many have lease term expirationsover the next few years, as well as renewal options. Albertson's iscurrently Newkirk's second largest tenant in terms of aggregateannualized rent payments.

In other news, Newkirk and Winthrop Realty Trust, which also hasoffices in Boston and Jericho and shares the same management teamas Newkirk, including CEO Michael Ashner, have formed a jointventure to acquire and originate loans secured either directly orindirectly by property assets. Each REIT has committed up to $50million to the JV, and the venture has entered into a $300 millionrepurchase agreement with Atlanta-headquartered Column FinancialInc., the Credit Suisse First Boston commercial mortgage lender.With that agreement, the JV "expects to leverage up to 75% of theassets held in the joint venture," according to a Newkirkannouncement. It expects to enter a second similar agreement thatwill provide it with an additional $200 million in leverage, aswell. That will give the JV $600 million of lending power.