In an effort to strengthen its portfolio,
Kimco Realty Corp.
) disclosed the purchase of the Marketplace at Factoria in the
suburban Seattle community of Bellevue, Wash. Kimco, which
earlier had a 50% ownership interest in this property, has now
acquired the majority of its joint venture partner's ownership
interest in this property.
KIMCO REALTY CO (KIM): Free Stock Analysis
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TJX COS INC NEW (TJX): Free Stock Analysis
WAL-MART STORES (WMT): Free Stock Analysis
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Based on a gross value of $130.75 million, the buyout of this
510,000-square-foot shopping center has been completed. It is
94.3% occupied and houses several well known national and
regional retailers including
The TJX Companies Inc.
Wal-Mart Stores Inc.
It is a premium property located in a region, which is thickly
populated and has high barriers to entry. In addition, it can
enjoy the footfall of people residing nearby (within three
miles), with an average household income of $131,000.
We remain encouraged with this strategic move as we believe that
it will help the company to expand its high quality portfolio.
The company has a premium portfolio of retail properties in
high-income, high-growth areas and is currently focusing on its
core business activities to tide over the volatility in the
It is well on track to sell off its non-retail assets and
investments as well as non-strategic retail assets. This
particular deal also reflects the reshuffling of its joint
venture investments to achieve overall efficiency. In addition,
it has a strong balance sheet with easy access to capital to
allow continued growth.
Kimco currently carries a Zacks Rank #3 (Hold).