Kimco Pays $108M for Jax Retail Center

Kimco Realty purchased The Markets at Town Center, a 254,000-square-foot retail center in Jacksonville, Fla., for $108 million. Commercial Edge reports Big V Property Group sold the asset. The property most recently traded in 2021, when Hines Interests sold it for $93 million.

This is the REIT’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.

Located at 4868 Town Center Parkway the open-air shopping center came online in 2008 on 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 & Tall, Gen Korean BBQ, Panda Express and Chipotle, among others.