Kimco Acquires Partner’s Interest in Marketplace at Factoria near Seattle
NEW HYDE PARK, N.Y. -- May 16, 2013
Kimco Realty Corp. (NYSE: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.
Kimco Realty Corp. (NYSE: 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
Kimco Realty Corp.
David F. Bujnicki, 1-866-831-4297
Vice President, Investor Relations and Corporate Communications
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