Kimco Buys Out Jamestown Stake in Publix-Anchored Portfolio, Enters JV with BREIT
Kimco Realty Corp., headquartered in Jericho, NY, has acquired the remaining 70% interest in a portfolio of six Publix-anchored, Sunbelt region shopping centers from its existing joint venture partner, Jamestown, for $425.8 million.
Subsequently, Kimco entered into a 50/50 joint venture partnership with Blackstone Real Estate Income Trust, Inc,. in which Kimco will continue to manage the portfolio on behalf of the JV.
The six assets total more than 1.2 million square feet of gross leasable area i, with five located in South Florida and one in the the Atlanta market. Kimco’s original 30% interest in the portfolio was acquired through the company’s recently completed merger with Weingarten Realty.
“The ability to efficiently acquire existing partnership interests in high-quality assets is one of the many benefits of our recently completed merger with Weingarten Realty, and one we’ve quickly been able to capitalize on,” said Kimco CEO Conor Flynn.
Pictured: Kimco’s Publix at Princeton Lakes in Atlanta.
- ◦Sale/Acquisition
