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.