Kennedy-Wilson purchases retail assets and land in L.A. for $30M
Kennedy-Wilson Holdings Inc has bought the 132,995square foot Victory Plaza retail center in Los Angeles, California. Along with that property, the real estate firm also purchased the 2.4-acre multifamily site beside the retail asset, according to NASDAQ.
Both properties were acquired through a $30-million debt purchase from an Ireland-based financial firm. This amount is comprised of $12 million in equity investments and $18 million in funding from Pacific Western Bank, the report detailed.
For several years, the said assets were under receivership and some of its leases are below the market. The transaction is a strategic addition to the American retail platform of Kennedy-Wilson, which is now composed of 10 properties and 1.3 million square feet in the West, the report explained.
Kennedy-Wilson wants to achieve a solid platform through opportunistic purchased. Because of this, the firm and its partners have bought multifamily assets in Northern California and Washington recently. The company has now acquired $11.2 billion worth of real estate and real estate debt since the beginning of 2010, NASDAQ reported.