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JV Takes Airport Plaza

FARMINGDALE, NY-KRC Acquisition, a joint venture of a Kimco Realty affiliate and an investment fund, takes title to the Airport Plaza here.

By Barbara Jarvie | Updated on December 26, 2005

FARMINGDALE, NY-KRC Acquisition Inc. acquired Airport Plaza here for an aggregate price of approximately $95 million. KRC was acting on behalf of a joint venture between an affiliate of New Hyde Park-based Kimco Realty Corp. and investment fund managed by a major investment bank. Republic Thunderbolt LLC, an indirect, wholly-owned subsidiary of McLean, VA-headquartered Fairchild Corp. was the seller. Tenants include Borders and Jillian’s.

The net purchase price is approximately $41.1 million, plus certain increases in the purchase price in the event the closing takes place after February 11, 2006. As a condition to closing, KRC will either assume or defease the existing mortgage loan on Airport Plaza. The outstanding principal balance on the mortgage loan is approximately $53.8 million. KRC has placed a deposit in the amount of $4.75 million.

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