NEW HYDE PARK, N.Y. — Kimco Realty Corp. has increased its ownership interest in the Kimco-UBS joint venture to 33 percent from 18 percent interest. The joint venture includes 39 shopping centers totaling 5.6 million square feet, which is currently 96 percent occupied. A majority of the properties are located in New York, Virginia, Texas, California and Maryland. Tenants in the portfolio include Publix, Giant Food, Whole Food Markets and Safeway, as well as Home Depot, Nordstrom Rack, Bed Bath & Beyond and T.J. Maxx. Affiliates of Blackstone Real Estate Partners VII completed their acquisition from affiliates of the UBS Wealth Management North American Property Fund for the remaining 67 percent ownership interest. Both transactions were based on a gross purchase price of $1.1 billion, including $631 million of assumed debt.
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