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Kimco Realty® Expands Florida Presence with Acquisition of The Markets at Town Center
KIMKimco Realty(KIM) GlobeNewswire·2025-01-08 22:08

Core Viewpoint - Kimco Realty has acquired The Markets at Town Center in Jacksonville, Florida for 108million,markingthefirstacquisitionthroughitsStructuredInvestmentProgram,whichaimstostrategicallydeploymezzaninefinancingwhilesecuringrightsonportfolio−enhancingassets[1][2]AcquisitionDetails−TheMarketsatTownCenterisa254,000−square−footpropertylocatedinaprimeshoppingdistrict,adjacenttoSt.JohnsTownCenter,withanaffluentcustomerbaseofapproximately192,000peopleandanaveragehouseholdincomeof108 million, marking the first acquisition through its Structured Investment Program, which aims to strategically deploy mezzanine financing while securing rights on portfolio-enhancing assets [1][2] Acquisition Details - The Markets at Town Center is a 254,000-square-foot property located in a prime shopping district, adjacent to St. Johns Town Center, with an affluent customer base of approximately 192,000 people and an average household income of 95,000 within a five-mile radius [3] - The property is 97% occupied and features a diverse tenant mix, including Sprouts Farmers Market and Costco Wholesale, along with other national brands such as Ulta Beauty, Chipotle, and Nordstrom Rack [4] - The acquisition expands Kimco's presence in Jacksonville, which already includes six properties totaling about 1.5 million square feet with an occupancy rate of 98.6% as of December 31, 2024 [5] Strategic Program Insights - The Structured Investment Program is highlighted as a differentiator for Kimco, enabling above-average returns and the potential transition into equity ownership of high-quality properties [2] - The company previously provided $15 million in mezzanine financing for The Markets at Town Center, which was repaid at closing, showcasing the program's strategic deployment of capital [1]