Kennedy Wilson and Partners Acquire Three Retail Properties Totaling 339,000
BEVERLY HILLS, Calif. -- September 12, 2012
International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company and its partners acquired a 209,329
square foot multi-tenant retail center in Orem, Utah. This investment follows
two recent retail real estate purchases by the company and its investment
partners, including 15,118 square feet of retail and office space in Malibu,
California and a 114,404 square foot 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 million. The company
contributed $9.9 million of equity in the deals, with $23.1 million of debt
outstanding and the balance from partner equity. The trailing 12-month net
operating income of the properties is $2.9 million. 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 billion of real estate and real estate related debt since
the beginning of 2010.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and
services company headquartered in Beverly Hills, CA with 23 offices in the
U.S., U.K., Ireland and Japan. The company offers a comprehensive array of
real estate services including auction, conventional sales, property services,
research and investment management. Through its fund management and separate
account businesses, Kennedy Wilson is a strategic investor of real estate
investments in the U.S., U.K., Ireland and Japan. For further information on
Kennedy Wilson, please visit www.kennedywilson.com.
Director of Corporate Communication
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