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In an effort to strengthen its portfolio, Kimco Realty Corp. (KIM - Analyst Report) 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.

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. (TJX - Analyst Report), Wal-Mart Stores Inc. (WMT - Analyst Report) and Target Corp. (TGT - Analyst Report).

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.

Our Take

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 market.

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).

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