Kimco Pays $108M for Jacksonville Shopping Center

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.

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.

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 & Tall, Gen Korean BBQ, Panda Express and Chipotle, among others.

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Located at 4868 Town Center Parkway, the property is within Jacksonville’s 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.

Kimko’s extensive Jacksonville portfolio

Kimco owned six properties in the Jacksonville area, spanning around 1.5 million square feet, at the end of 2024.

In October, in another large move, Kimco purchased Waterford Lakes Town Center, a 976,000-square-foot grocery-anchored lifestyle center in Orlando, Fla., for $322 million. The company took on the responsibility of a $164 million mortgage.

Early last year, Kimco completed the acquisition of New York-based RPT Realty, in an all-stock transaction valued at $2 billion. The transaction encompassed 56 open-air centers, with 43 being wholly owned, amounting to 13.3 million square feet. A little later, Kimco also sold eight retail properties from this extensive portfolio to KPR Centers, totaling 1.5 million square feet, for $180 million.