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BELLEVUE, WA-A 50-50 joint venture that includes the publiclytraded retail REIT Kimco Realty Corp. is under contract to acquirethe 525,856-sf Factoria Mall here from WorldCo Co. Ltd. of SanFrancisco. The sale price is $102 million, according to a statementby New Hyde Park, NY-based Kimco. Target, Mervyns, Safeway and OldNavy anchor the development.WorldCo had the 42-acre propertyentitled for an additional 51,000 sf of retail space and 685residential units two years ago and approval for an additional100,000 sf of retail is expected by next summer, according to asource at the City of Bellevue. The approvals were a compromisefrom a $100-million master plan designed by locally basedMulvannyG2 architects that called for the addition of 850residential units, 100,000 sf of office space, 75,000 sf of retailand a 35,000-sf community center, according to the source.Anothersource tells GlobeSt.com that Mulvanny will "re-evaluate" theentire project for Kimco once the sale is completed. Kimco did notprovide an expected close date in its statement issued earlier thisweek and a company executive could not be reached Wednesday forcomment.MulvannyG2 previously designed aesthetic upgrades of theexisting mall that have been implemented over the past severalyears, including new flooring and new lighting, sidewalks andstorefronts. The remodel helped attract Old Navy, Oshkosh, PetCoand Payless Shoe Source to the mall. As of August, the mall was 97%leased.WorldCo bills itself as an office, shopping center andresidential real estate consulting, development, investment andmanagement company. The company's general partner is Anthony Chan,a director of both the Hong Kong and China Gas Co. and the holdingcompany for United Commercial Bank, a Bay Area-based bank servingthe Chinese community. Chan did not return a phone call seekingcomment. Kimco specializes in shopping center acquisitions,development and management. It owns and operates one of thenation's largest portfolios of neighborhood and community shoppingcenters. The company holds interests in 750 properties comprisingapproximately 112 million sf of leasable space in 42 US states,Canada and Mexico. In its announcement of the pending acquisition,Kimco did not name its joint venture partner. However, it didannounce closing several other retail acquisitions through itsjoint venture with GE Real Estate. It also announced that PLRetail, its joint venture with DRA Advisors, has completed its$1.2-billion acquisition of Price Legacy Corp.'s 7.7-million-sfretail portfolio. (For that story, clickhere.)The disposition assignment for Factoria Mall is beingbrokered by Colliers International.