Albertson's Units Sell for $160M

BOSTON-Locally based Newkirk Realty Trust Inc. plans to sell 50 retail properties currently leased to Albertson’s Inc. for $160 million to Kimco Realty Corp. and Schottenstein Stores Corp. The sale, which is expected to be completed during the third quarter of 2006, follows an announcement by Newkirk that it has formed a joint venture with Winthrop Realty Trust to acquire and originate loans secured by real estate assets.

Newkirk, which owns more than 200 properties in 35 states, did not specify the properties that will be part of the sales transaction in a statement released by the company. Neither Newkirk officials nor the buyers could not be reached for comment by GlobeSt.com by deadline.