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Business

Kimco, Israeli partner buy 15 properties

New Hyde Park-based Kimco Realty Corp. is expanding an existing partnership with an Israeli company, in a $422-million shopping center purchase.

The partners will buy  15 U.S. shopping centers -- nine in California, two each in Washington state and Nevada, and one each in Oregon and Maryland.

The deal is expected to close by June 30.

The occupancy rate overall at the properties is 89.5 percent at  the malls, which are anchored by such stores as Wal-Mart, Target, TJ Maxx, CVS Pharmacy, Ross Dress for Less and Albertsons.

The Israeli company, BIG Shopping Centers, publicly traded on the Tel Aviv stock exchange, does most of its business operating open-air malls in Israel, India and Serbia.

BIG will have a 49.9 percent interest and Kimco a 33.3 percent interest. A consortium of other investors will hold the remaining 16.8% interest. As the operating partner, Kimco will get customary fees for providing leasing and property management services.

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