Kimco JVs with Israeli Operator

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.