Kimco Realty Lands 36 KSF Tenant at Jacksonville Shopping Center

To celebrate its new store at Riverplace Shopping Center, Homesense will donate $10,000 to Habitat for Humanity. Image courtesy of CommercialEdge

Homesense has completed its build-out at the Kimco Realty-owned Riverplace Shopping Center in Jacksonville, Fla. Kerricook Construction Inc. has remodeled a 36,076-square-foot former Stein Mart store for the new tenant, according to Jacksonville Daily Record. The project’s cost was $2.1 million.

The 265,300-square-foot retail property is at 11111 San Jose Blvd., some 19 miles south of downtown Jacksonville. The 1989-built asset has just under 1,400 parking spaces, according to CommercialEdge data. Kimco Realty bought the asset in 2010 for $35.6 million, the same source shows.

Homesense belongs to TJX Cos., along with T.J. Maxx, which also leases space at Riverplace Shopping Center. Sola Salons is also a tenant, among others, according to CommercialEdge. In celebration of this new store location, Homesense is slated to donate $10,000 to Habitat for Humanity of Jacksonville, to contribute to the community.

Kimco Realty plans to expand in Sun Belt markets. In August, the company has entered into a merger agreement to acquire RPT Realty in an all-stock transaction valued at approximately $2 billion, including preferred stock and debt assumption.

Private investment claimed 82 percent of all retail acquisitions through the first six months of the year, while institutional investors and REITs were more selective, according to JLL Managing Director Dean Sands. Transaction volume was highest in the Sun Belt region, which also experienced the highest rates of rental growth.