Kimco Realty has recently acquired The Markets at Town Center, a retail center spanning 254,000 square feet in Jacksonville, Florida for $108 million. According to Commercial Edge, the property was previously owned by Big V Property Group and had most recently been sold in 2021 by Hines Interests for $93 million.
This purchase marks Kimco’s first under its Structured Investment Program. Initially, the company had provided $15 million in mezzanine financing for the property which has now been fully repaid following this latest transaction.
Situated on 41 acres at 4868 Town Center Parkway, this open-air shopping center was built in 2008 and boasts a high occupancy rate of 97%. It is home to nine buildings and is anchored by Sprouts Farmers Market with Costco Wholesale as its shadow anchor. The Markets at Town Center also features a diverse mix of regional and national retailers including Ulta Beauty,CVS Pharmacy,Five Below ,REI,J.Crew,Ballard Designs,Sugar Factory,Nordstrom Rack,
DXL Big & Tall ,Gen Korean BBQ,Panda Express,and Chipotle among others.
Overall,this acquisition demonstrates Kimco’s commitment to expanding their portfolio through strategic investments such as this one.
