Kimco Realty buys out partner for $67M
The exterior of Kimco Realty headquarters in New Hyde Park. (Jan. 6, 2011) Credit: Newsday / J. Conrad Williams Jr.
Kimco Realty Corp. bought out an undisclosed partner in two real estate portfolios for $67 million, the New Hyde Park-based real estate investment trust announced Monday.
The investment increased the company's stake in the groups of commercial properties -- 13.9 million square feet of shopping centers and retail space -- though it remains less than 50 percent.
Kimco and its subsidiaries have investments in a dozen joint ventures holding 667 commercial properties, according to its first-quarter earnings report. The investment announced Monday concerns portfolios of 60 properties in 23 states including New York.
As of March 31, Kimco had a financial interest in 1,719 properties in North and South America.
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