BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Sep. 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.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
(310) 887-6294
[email protected]
www.kennedywilson.com