Albertsons Investment Pays Off for Kimco

Kimco Realty here has turned a $51 million investment in unwanted Albertsons stores into a $56 million quarterly profit, the real estate company said Thursday.

NEW HYDE PARK, N.Y. — Kimco Realty here has turned a $51 million investment in unwanted Albertsons stores into a $56 million quarterly profit, the real estate company said Thursday. Kimco is a member of the consortium that of real estate and private equity funds known as Albertsons LLC that purchased “non-core” Albertsons stores in the company’s break-up early last year. In an earnings call yesterday, Michael Pappagallo. Kimco’s chief financial officer, said the stores had an operating

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