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MOBILE, AL-A joint venture between Kimco Realty Corp. and GE Commercial Finance has obtained $26.5 million to finish upgrading the 525,505-sf Mobile Festival Centre. The JV inherited the asset in late 2005.

According to David M. Fishler, vice president with the New York City office of lender Capmark Finance, the JV acquired the 1970s-built center on 53.5 acres at 3725 Airport Blvd. as part of a larger company merger. "Kimco has multiple branches in the company. One deals with their real core, stable assets, then they have another tier, which handles value-added properties. This is in that tier," Fishler says.

Fishler tells GlobeSt.com that Kimco's repositioning plan is to fill it with credit-worthy tenants. Mobile Festival Centre was at 64% occupancy when it was acquired. Fishler says the New Hyde Park, NY-based Kimco considers 95% as stabilized. While the front part of the center along the frontage road has been rehabbed, the loan will handle work on the back sector.