September 7, 2016
Kimco Realty, headquartered in New Hyde Park, NY, acquired the remaining 85% interest in a four-property, joint-venture portfolio. The retail REIT paid $170.7 million, which includes an assumption of $103 million of mortgage debt. At the same time, Kimco prepaid $26 million in mortgage debt associated with the acquired portfolio.
The portfolio includes Perimeter Expo in Atlanta, GA, Cranberry Commons in Pittsburgh, PA, Cypress Towne Center in Houston, TX and Doc Stone Commons in Stafford, VA. All four assets are located in major metro markets where Kimco already has a significant presence, and the acquisition furthers the company’s stated goal of reducing joint venture exposure.
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