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Kimco JVs with Israeli Operator

NEW HYDE PARK-In its second joint venture in a month, the locally based REIT has partnered with BIG Shopping Centers.

By Paul Bubny | Updated on May 17, 2010

NEW HYDE PARK, NY-Locally based Kimco Realty Corp. has formed a joint venture with Israeli owner/developer BIG Shopping Centers to acquire neighborhood and community shopping centers throughout the US. The initial $68.8-million investment marks BIG’s entry into the US retail market.

Kimco and BIG’s JV is being launched with a pair of California retail assets which Kimco bought late last year: Town Center East in the Long Beach suburb of Signal Hill and Stanford Ranch Crossing in Roseville, a suburb of Sacramento. Both former PL Retail properties, the two centers total 343,000 square feet, with anchor tenants including Home Depot, PetSmart, Staples, Ross Dress for Less and Sports Authority.

BIG has acquired a 49.9% interest in the venture, while Kimco will retain a 50.1% interest in addition to acting as the operating partner, according to a release. Kimco had bought both properties as part of its $825-million acquisition of the former PL portfolio from a fund managed by DRA Advisors this past November.

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