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BOSTON-Locally based Newkirk Realty Trust has closed on the $160-million sale of50 supermarket properties in a deal that gives Kimco Realty Corp.and Schottenstein Stores Corp. 2.3 million sf of space that isoccupied by the Albertsons Inc. Those leases expire over the nextfour years.

The sale brought in net proceeds of approximately $159 millionafter closing costs for Newkirk, which will use about $22 millionof that money to satisfy existing debt. The remaining proceeds weredeposited with an intermediary to be used in 1031 tax freeexchanges, the company says in a statement. Approximately $49million of that money was used for reverse 1031 exchanges inconnection with a previously acquired 226,000-sf office building inRochester, NY along with a Glenwillow, OH property, acquired onJune 30, which is leased to Royal Appliance. Newkirk acquired theRochester asset for $26.4 million in late April and leased to theFrontier Corp.