Kimco Acquires Partner's Interest in Marketplace at Factoria near Seattle
Kimco Acquires Partner's Interest in Marketplace at Factoria near Seattle
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYS: KIM) , owner and operator of the nation's largest shopping center portfolio, today announced that it has added the Marketplace at Factoria in the suburban Seattle community of Bellevue, Wash. to its consolidated portfolio. The company has acquired a majority of its joint venture partner's ownership interest in this 510,000-square-foot shopping center based on a gross value of $130.75 million. Kimco previously held a 50 percent ownership interest in this property. This strategic acquisition furthers the company's objectives of acquiring high quality shopping centers and streamlining its joint venture investments.
Marketplace at Factoria is approximately 94.3-percent-occupied and anchored by several large national and regional retailers, including Wal-Mart, Target, Nordstrom Rack, T.J.Maxx, Petco, DSW Shoe Warehouse, Old Navy, Rite Aid and Safeway. The Marketplace at Factoria is situated in a densely populated in-fill location with high barriers to entry and within an upscale retail market in which the average household income is $131,000 within three miles.
ABOUT KIMCO
Kimco Realty Corp. (NYS: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America's largest portfolio of neighborhood and community shopping centers. As of March 31, 2013, the company owned interests in 895 shopping centers comprising 131 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisition, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company's blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Kimco Realty Corp.
David F. Bujnicki, 1-866-831-4297
Vice President, Investor Relations and Corporate Communications
dbujnicki@kimcorealty.com
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The article Kimco Acquires Partner's Interest in Marketplace at Factoria near Seattle originally appeared on Fool.com.
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