Jacksonville, Fla. — Kimco Realty has acquired The Markets at Town Center, a 254,000-square-foot shopping mall located in Jacksonville, for $108 million. Sprouts Farmers Market anchors the property, which was built in 2008. Other tenants at the center, which was 97 percent leased at the time of sale, include Ulta Beauty, Cooper’s Hawk Winery & Restaurant, Five Below, REI, J. Crew, Ballard Designs, Nordstrom Rack, DXL Big & Tall, Gen Korean BBQ House and Chipotle Mexican Grill. Kimco acquired the property through its Structured Investment Program, which provides mezzanine financing for properties while securing rights of first refusal or rights of first offer. As part of the program, Kimco previously provided $15 million in financing for the center, which was repaid at the time of closing. This marks Kimco’s first acquisition through the program.
The Markets at Town Center in Jacksonville, Florida, was 97 percent leased at the time of sale.
Kimco Realty Acquires 254,000-Square-Foot Shopping Mall in Jacksonville, Florida
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