Kimco Realty (NYSE: KIM), a Jericho, New York-based real estate investment trust (REIT) and owner/ operator of open-air, grocery-anchored shopping centers and mixed-use properties, has acquired The Markets at Town Center, a 254,000-square-foot property in Jacksonville, Florida, for $108 million.
The Markets at Town Center was built in 2008 and is 97% occupied. The property is anchored by a Sprouts Farmers Market and shadow anchored by Costco Wholesale; tenants include Ulta Beauty, Cooper’s Hawk Winery & Restaurant, Five Below, REI, J.Crew, Ballard Designs, Nordstrom Rack, DXL Big & Tall, Gen Korean BBQ, and Chipotle Mexican Grill.
According to the company, the acquisition is the first transaction through its Structured Investment Program, which is designed to strategically deploy mezzanine financing while securing rights of first refusal or rights of first offer on portfolio-enhancing assets. As part of this program, the company previously provided $15 million in mezzanine financing for the property, which was repaid at closing.
“Our first acquisition through the Structured Investment Program marks a significant milestone for Kimco,” said Ross Cooper, Kimco’s president and chief investment officer. “This unique and strategic program is a true differentiator for the company, enabling above average returns while providing the potential to transition into equity ownership of high-quality properties. We are excited to continue leveraging this program to acquire valuable assets and to unlock the full potential of each property through our extensive operating platform.”
