Kimco Realty Corp. (KIM,KIM-PG), an operator of neighborhood and community shopping centers, Monday announced that it has purchased its partner's 9.7 percent interest in the Kimco Income Fund I or KIF I portfolio and 3.6 percent interest in the Kimco Income REIT or KIR joint venture for $67 million at a blended cap rate of 6.6 percent. Following this investment, Kimco increased its ownership stake in KIF I and KIR to 39.2 percent and 48.6 percent, respectively.
The two investment portfolios are comprised of power centers and grocery-anchored shopping centers totaling the occupancy level to about 96 percent. The 12-property KIF I and 58-property KIR portfolios total 13.9 million square feet of retail space across 23 states.
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