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9/19/12
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A Kennedy-Wilson-led investment partnership acquired a 209.3k sf, multi-tenant retail center in Orem, Utah. This purchase follows two other, recent retail real estate purchases by the company and its investment partners, including 15.1k sf of retail and office space in Malibu, CA and a 114.4k sf retail center in Boise, Idaho. Partners in these acquisitions include, among others, The LeFrak Organization and Kennedy Wilson Fund IV.
“These retail investments provide the company with a predictable and steady income stream through credit tenants such as Burlington Coat Factory, In-N-Out Burger, Outback Steakhouse and Staples,” said John Prabhu, president of KW Commercial Investment Group.
The combined purchase price of the acquisitions was $37.3 mil. The company contributed $9.9 mil of equity in the deals, with $23.1 mil of debt outstanding and the balance from partner equity. The trailing 12-month net operating income of the properties is $2.9 mil. Kennedy Wilson plans to reposition all of the properties to capture further income potential.
Kennedy Wilson, together with its institutional partners, has acquired approximately $6.6 bil of real estate and real estate related debt since the beginning of 2010.
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