Klaff Realty, together with JV partners, awarded the designation rights to 53 Kmart leases in bankruptcy court



Klaff Realty, LP, in a joint venture with Kimco Realty Corp. (NYSE:KIM) and Schottenstein Stores Corporation acquired the designation rights to 53 real estate leases by Kmart Corp.

As part of its Chapter 11 bankruptcy reorganization, Kmart closed 278 stores, but still must pay on the buildings’ leases. The¬†joint¬†venture group paid $43 million for the designation rights to the stores’ leases.