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

Core Insights - Kimco Realty has acquired The Markets at Town Center, a 254,000-square-foot shopping center in Jacksonville, Florida, for 108million,markingthefirstacquisitionthroughitsStructuredInvestmentProgram[1][2]−TheacquisitionisexpectedtoenhanceKimco′sportfolioandleverageitsoperatingplatformtounlockthefullpotentialoftheproperty[2]AcquisitionDetails−TheMarketsatTownCenterislocatedinaprimeshoppingdistrictwithanaffluentcustomerbase,featuringapopulationof192,000andanaveragehouseholdincomeof108 million, marking the first acquisition through its Structured Investment Program [1][2] - The acquisition is expected to enhance Kimco's portfolio and leverage its operating platform to unlock the full potential of the property [2] Acquisition Details - The Markets at Town Center is located in a prime shopping district with an affluent customer base, featuring a population of 192,000 and an average household income of 95,000 within a five-mile radius [3] - The property is 97% occupied and includes a diverse mix of tenants such as Sprouts Farmers Market, Costco Wholesale, Ulta Beauty, and Chipotle Mexican Grill, among others [4] - The center has significant mark-to-market opportunities due to below-market in-place leases, with several tenant leases set to expire in the coming years [4] Market Presence - With this acquisition, Kimco expands its presence in the Jacksonville market, which as of December 31, 2024, includes 6 properties totaling approximately 1.5 million square feet with an occupancy rate of 98.6% [5]