Regency Centers Sheds Northern Florida Retail Center

The nearly 85,000-square-foot shopping center, home to a range of national and local tenants, sold for more than $10 million.

By Jeff Hamann

Old Kings Commons in Palm Coast, Fla.
Old Kings Commons in Palm Coast, Fla.

Regency Centers has sold Old Kings Commons, an 84,759-square-foot community shopping center in Palm Coast, Fla., for $10.6 million. The buyer, a private investor, financed the purchase with a $7.7 million acquisition mortgage, arranged through Barrington Capital. Matthews Real Estate Investment Services represented the seller and secured the new owner in the transaction.

Located at 7 Old Kings Road N., the asset is close Interstate 95 and approximately 60 miles south of Jacksonville, Fla. Currently, Beall’s Outlet and Staples anchor the 1989-built property, occupying 27,828 square feet and 24,197 square feet, respectively. Other tenants include Planet Fitness, Pinch-A-Penny and Dunkin’ Donuts/Baskin-Robbins. The seller previously acquired the mall for $6 million from a joint venture between MPG Development and Developers Diversified Realty Corp. in 1988, according to Flagler County records.

“This was a strong, fully stabilized center located in a market of Florida with extremely low vacancy,” said Jordan Powell, associate with Matthews, in a prepared statement. Powel and Scott Henard, senior vice president & regional director of the Matthews Shopping Center Division, were part of the team involved in this transaction.

Image courtesy of Matthews Real Estate Investment Services

You May Also Like

Most Read

Regions