Kimco Forms JV with Blackstone Real Estate for US Sunbelt Portfolio

November 1, 2021 | James Sprow | Blue Vault

Kimco Realty Corp. purchased the remaining 70% stake it does not already own in six Publix Super Markets Inc.-anchored shopping centers in the U.S. Sunbelt region for $425.8 million and subsequently formed a 50-50 joint venture with Blackstone Inc.’s Blackstone Real Estate Income Trust Inc. for the portfolio.

The shopping center real estate investment trust bought the 70% stake from its previous joint venture partner, Jamestown LP.

The six properties have a gross leasable area of 1.2 million square feet. Five of the properties are in the South Florida market while one is in the Atlanta market. The portfolio will continue to be managed by Kimco on behalf of the Blackstone joint venture.

Source: S&P Capital IQ

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