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DRA, Kimco Team to Acquire Price Legacy for $696M

NEW HYDE PARK, NY-Investment advisor DRA Advisors and Kimco Realty Corp. are buying Price Legacy's open-air portfolio for $696 million. The 40 properties are mostly in Arizona, California and Florida.

By Ian Ritter | Updated on August 25, 2004

NEW HYDE PARK, NY-A joint venture between DRA Advisors LLC and Kimco Realty Corp. is buying open-air center owner Price Legacy Corp. for $696 million. The new venture, called PL Retail LLC, will be 85%-owned by clients of DRA and Kimco will control the remaining stake.

The deal gives the two companies about 40 centers in seven states, as well as an office building and a few development projects in the pipeline. Most of the centers are in Arizona, California and Florida. Kimco will manage the properties.

The companies expect the deal to close during the fourth quarter. Price Legacy common shareholders will get $18.85 per share in the transaction. (The company’s stock closed at $19 yesterday.)

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