Kimco Realty Corp. has acquired the remaining 70 percent interest in a portfolio of six Publix-anchored, Sunbelt region shopping centers from its existing joint venture partner, Jamestown, for a gross purchase price of $425.8 million.
Subsequently, Kimco entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. (BREIT) in which Kimco will own 50 percent of the portfolio, with BREIT owning the remaining 50 percent interest.
Kimco will continue to manage the portfolio on behalf of the joint venture.
The six high-quality, Publix-anchored assets total over 1.2 million square feet of gross leasable area in infill markets throughout the Southeast, with five located in the top-performing South Florida market, and one in the high-growth Atlanta market.
Kimco’s original 30 percent interest in the portfolio was acquired through the company’s recently completed merger with Weingarten Realty.
“We’re pleased to partner with Blackstone on this new joint venture which provides us an attractive opportunity to increase Kimco’s ownership stake in a solid collection of grocery-anchored centers in South Florida and Atlanta – two booming markets with strong demographics and high barriers to entry,” said Conor Flynn, Kimco’s Chief Executive Officer.
“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,” he added.