{"id":1004742700,"date":"2025-01-09T04:17:19","date_gmt":"2025-01-09T12:17:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004742700"},"modified":"2025-01-09T05:20:45","modified_gmt":"2025-01-09T13:20:45","slug":"kimco-pays-108m-for-jacksonville-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-pays-108m-for-jacksonville-shopping-center\/","title":{"rendered":"Kimco Pays $108M for Jacksonville Shopping Center"},"content":{"rendered":"\n<p>Kimco Realty Corp. has purchased The Markets at Town Center, a 254,000-square-foot retail center in Jacksonville, Fla., for $108 million. Big V Property Group sold the asset, according to CommercialEdge data. The property most recently traded in 2021, when Hines Interests sold it for $93 million. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/the-markets-at-town-center-e1736420883711.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"983\" height=\"738\" data-attachment-id=\"1004742701\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kimco-pays-108m-for-jacksonville-shopping-center\/the-markets-at-town-center-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/the-markets-at-town-center-e1736420883711.jpg\" data-orig-size=\"983,738\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"the-markets-at-town-center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Markets at Town Center. Image courtesy of Kimco Realty&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/the-markets-at-town-center-e1736420883711.jpg?w=983\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/the-markets-at-town-center-e1736420883711.jpg\" alt=\"aerial shot of The Markets at Town Center\" class=\"wp-image-1004742701\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/the-markets-at-town-center-e1736420883711.jpg 983w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/the-markets-at-town-center-e1736420883711.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/the-markets-at-town-center-e1736420883711.jpg?resize=768,577 768w\" sizes=\"auto, (max-width: 983px) 100vw, 983px\" \/><\/a><figcaption class=\"wp-element-caption\">The Markets at Town Center is anchored by a Sprouts Farmers Market and shadow-anchored by Costco Wholesale.<em> Image courtesy of Kimco Realty<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>This is the REIT&#8217;s first purchase under its Structured Investment Program. Initially, the company had extended $15 million in mezzanine financing for the asset, which was fully repaid following the latest transaction.<\/p>\n\n\n\n<p>The open-air shopping center came online in 2008 on some 41 acres, and was 97 percent leased at the time of the sale. Encompassing nine buildings, it is anchored by a Sprouts Farmers Market and shadow-anchored by a Costco Wholesale. The Markets at Town Center also features a mix of regional and national retailers such as Ulta Beauty, CVS Pharmacy, Five Below, REI, J.Crew, Ballard Designs, Sugar Factory, Nordstrom Rack, DXL Big &amp; Tall, Gen Korean BBQ, Panda Express and Chipotle, among others. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/unlocking-the-sun-belts-retail-potential\/\">Unlocking the Sun Belt\u2019s Retail Potential<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located at 4868 Town Center Parkway, the property is within Jacksonville\u2019s Intracoastal West submarket. The Markets at Town Center serves approximately 192,000 individuals within a 5-mile radius, with the average household income of $95,000, according to Kimko. The property clocks in at more than four million annual visits, according to Placer.ai data quoted by the buyer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-kimko-s-extensive-jacksonville-portfolio\">Kimko&#8217;s extensive Jacksonville portfolio<\/h2>\n\n\n\n<p>Kimco owned six properties in the Jacksonville area, spanning around 1.5 million square feet, at the end of 2024.<\/p>\n\n\n\n<p>In October, in another large move, Kimco purchased Waterford Lakes Town Center, a 976,000-square-foot grocery-anchored lifestyle center in Orlando, Fla., <a href=\"https:\/\/www.commercialsearch.com\/news\/kimco-pays-322m-for-orlando-lifestyle-center\/\">for $322 million<\/a>. The company took on the responsibility of a $164 million mortgage.<\/p>\n\n\n\n<p>Early last year, Kimco completed the acquisition of New York-based\u00a0RPT Realty,\u00a0in an all-stock\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/kimco-wraps-up-2b-purchase-of-rpt-realty\/\">transaction valued at $2 billion<\/a>. The transaction encompassed 56 open-air centers, with 43 being wholly owned, amounting to 13.3 million square feet. A little later, Kimco also <a href=\"https:\/\/www.commercialsearch.com\/news\/kpr-centers-pays-180m-for-retail-portfolio\/\">sold eight retail properties<\/a> from this extensive portfolio to KPR Centers, totaling 1.5 million square feet, for $180 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This property previously traded in 2021 for $93 million.<\/p>\n","protected":false},"author":3014,"featured_media":1004742701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1591,21742,21749,32781],"tags":[50152,38356,34368,51757],"class_list":["post-1004742700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-jacksonville","category-latest","category-retail","category-southeast","tag-big-v-property-group","tag-hines-interests","tag-kimco-realty-corporation","tag-valley-national-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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