KPR Sells Grocery-Anchored Power Center in Metro Jacksonville

KPR Centers has sold Bolton Plaza, a 174,000-square-foot grocery-anchored power center in Orange Park, Fla. Cushman & Wakefield, which advised in the disposition. The buyer was an undisclosed private investor, and the purchase price was not disclosed.

The center, at 661 Blanding Blvd., last sold in July 2019, for $18 million, according to PropertyShark records.

Bolton Plaza is a fully-leased community shopping center anchored primarily by Aldi, Academy Sports, LA Fitness and Marshalls. It was built in 1988 and redeveloped in 2017, a Cushman & Wakefield spokesperson told Commercial Property Executive.

Vice Chair Mark Gilbert, Executive Director Adam Feinstein and Managing Director Mitchell Halpern of Cushman & Wakefield’s Retail Advisory Group represented KPR Centers.

In a prepared statement, Gilbert characterized Bolton Plaza as the type of institutional-quality retail asset that investors continue to prioritize, with its strong positioning in an established suburban trade area, a substantial anchor lineup that includes a grocery component and durable cash flow from a concentration of national tenants.

Jacksonville retail holds steady

Metro Jacksonville’s retail space market gained only modest new supply in 2025, with just under 700,000 square feet delivering, according to a first-quarter report from Cushman & Wakefield. As for this year, about 600,000 square feet is under construction. Walmart is building a 178,800-square-foot store in Riverside, Fla., while Publix has four new locations in the pipeline. 

Overall retail vacancy in the region is up slightly, to 5.1 percent. In contrast, power centers are averaging 9.7 percent vacancy, although they also command the highest average rent of any retail asset class, at $32.01 per square foot, Cushman & Wakefield reported.

Last August, Second Horizon Capital acquired Orange Park Mall, a 950,000-square-foot enclosed shopping center in Orange Park, from WPG for an undisclosed amount. The transaction was Second Horizon’s first in its home state.