Newkirk Realty Trust sheds 50 properties

Newkirk Realty Trust Inc. recently sold 50 of its retail properties to Kimco Realty Corp. and Schottenstein Stores Corp. for a gross purchase price of $160 million.

The sold properties, which were leased to Albertson's Inc., contained an aggregate of 2.3 million square feet and had current lease terms expiring over the next 4.5 years.

Newkirk Realty Trust Inc. is a real estate investment trust currently owning approximately 14.5 million square feet across 34 states.

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