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JV Buys $100M Portfolio

SOUTHFIELD, MI-Schostak Brothers & Co. and Kimco Realty purchase a portfolio of 28 shopping centers for $100.5 million.

By Natalie Keith | Updated on April 26, 2006

( Natalie Keith is a contributing writer to GlobeSt.com.)

SOUTHFIELD, MI-Developers and investors Schostak Brothers & Co. have teamed up with New Hyde Park, NY-based Kimco Realty Corp. to purchase a portfolio of 28 shopping centers in 12 states for $100.5 million.

The neighborhood shopping centers range in size from 10,000 sf to 40,000 sf for a total of 685,000 sf. All are located adjacent to a Wal-Mart Supercenter in states including Indiana, Ohio, Texas, Iowa, Florida and Colorado. The portfolio, which is approximately 92% leased, was purchased from Memphis-based the Spectra Group Inc.

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