BELLEVUE, WA—Kimco Realty Corp., owner and operator of the nation's largest shopping center portfolio, has added the Marketplace at Factoria 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% 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% 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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
