Kimco Realty® Expands Florida Presence with Acquisition of The Markets at Town Center
Kimco Realty (NYSE: KIM) has acquired The Markets at Town Center, a 254,000-square-foot premier asset in Jacksonville, Florida, for $108 million. This marks the company's first acquisition through its Structured Investment Program, where Kimco previously provided $15 million in mezzanine financing.
The property is 97% occupied and is anchored by Sprouts Farmers Market and shadow anchored by Costco Wholesale. Located in North Florida's most sought-after shopping district, it serves an affluent customer base with an estimated population of 192,000 and an average household income of $95,000 within a five-mile radius, generating over four million annual visits.
Built in 2008, the center presents mark-to-market opportunities due to below-market leases. This acquisition expands Kimco's Jacksonville presence to 6 properties totaling approximately 1.5 million square feet with a 98.6% occupancy rate as of December 31, 2024.
Kimco Realty (NYSE: KIM) ha acquisito The Markets at Town Center, un immobile di prima classe di 254.000 piedi quadrati a Jacksonville, in Florida, per 108 milioni di dollari. Questo segna il primo acquisto dell'azienda attraverso il suo Programma di Investimento Strutturato, dove Kimco ha precedentemente fornito 15 milioni di dollari in finanziamenti mezzanini.
La proprietà è occupata al 97% e ha come punto di riferimento Sprouts Farmers Market, con Costco Wholesale come ancoraggio ombra. Situata nel più ricercato distretto commerciale della Florida del Nord, serve una clientela benestante con una popolazione stimata di 192.000 abitanti e un reddito medio familiare di 95.000 dollari entro un raggio di cinque miglia, generando oltre quattro milioni di visite annuali.
Costruito nel 2008, il centro offre opportunità di mercato grazie ai contratti di locazione sotto il valore di mercato. Questa acquisizione espande la presenza di Kimco a Jacksonville a 6 proprietà per un totale di circa 1,5 milioni di piedi quadrati, con un tasso di occupazione del 98,6% al 31 dicembre 2024.
Kimco Realty (NYSE: KIM) ha adquirido The Markets at Town Center, un activo premier de 254,000 pies cuadrados en Jacksonville, Florida, por 108 millones de dólares. Esta es la primera adquisición de la compañía a través de su Programa de Inversión Estructurada, donde Kimco había proporcionado previamente 15 millones de dólares en financiamiento mezzanine.
La propiedad está ocupada al 97% y tiene como ancla a Sprouts Farmers Market, con Costco Wholesale como ancla sombra. Ubicada en el distrito comercial más codiciado del norte de Florida, sirve a una base de clientes adinerada con una población estimada de 192,000 y un ingreso promedio por hogar de 95,000 dólares dentro de un radio de cinco millas, generando más de cuatro millones de visitas anuales.
Construido en 2008, el centro presenta oportunidades de ajuste al mercado debido a los arrendamientos por debajo del valor de mercado. Esta adquisición expande la presencia de Kimco en Jacksonville a 6 propiedades que totalizan aproximadamente 1.5 millones de pies cuadrados, con una tasa de ocupación del 98.6% a partir del 31 de diciembre de 2024.
김코 리얼티 (NYSE: KIM)는 플로리다 주 잭슨빌에 위치한 254,000 제곱피트의 프리미엄 자산인 The Markets at Town Center를 1억 8백만 달러에 인수했습니다. 이는 김코가 이전에 1,500만 달러의 메자닌 자금을 제공했던 구조적 투자 프로그램을 통한 첫 번째 인수입니다.
이 자산은 97% 임대가 완료되어 있으며, Sprouts Farmers Market이 입점되어 있고, Costco Wholesale이 그림자 앵커로 있습니다. 북 플로리다에서 가장 인기 있는 쇼핑 지역에 위치하고 있으며, 192,000명의 인구와 평균 가구 소득이 9만 5천 달러인 부유한 고객층을 대상으로 하여, 연간 400만 이상의 방문을 생성합니다.
2008년에 지어진 이 센터는 시장 아래 임대계약으로 인해 시장 가치 조정 기회를 제시합니다. 이번 인수로 김코의 잭슨빌 내 자산이 총 6개로 확대되어 약 150만 제곱피트에 이르며, 98.6%의 점유율을 기록하게 됩니다. 이 수치는 2024년 12월 31일 기준입니다.
Kimco Realty (NYSE: KIM) a acquis The Markets at Town Center, un actif de premier choix de 254 000 pieds carrés à Jacksonville, en Floride, pour 108 millions de dollars. Cela marque la première acquisition de l'entreprise par le biais de son Programme d'Investissement Structuré, où Kimco avait précédemment fourni 15 millions de dollars en financement mezzanine.
La propriété est occupée à 97% et est ancrée par Sprouts Farmers Market, avec Costco Wholesale en tant qu'ancre de soutien. Située dans le quartier commercial le plus prisé du nord de la Floride, elle sert une clientèle aisée avec une population estimée à 192 000 et un revenu moyen par ménage de 95 000 dollars dans un rayon de cinq milles, générant plus de quatre millions de visites annuelles.
Construit en 2008, le centre présente des opportunités de mise à jour du marché en raison de baux inférieurs au marché. Cette acquisition étend la présence de Kimco à Jacksonville à 6 propriétés totalisant environ 1,5 million de pieds carrés avec un taux d'occupation de 98,6% au 31 décembre 2024.
Kimco Realty (NYSE: KIM) hat The Markets at Town Center, eine 254.000 Quadratfuß große Premium-Immobilie in Jacksonville, Florida, für 108 Millionen Dollar erworben. Dies markiert die erste Akquisition des Unternehmens im Rahmen seines Strukturierten Investitionsprogramms, bei dem Kimco zuvor 15 Millionen Dollar mezzanines Finanzierungs bereitgestellt hat.
Die Immobilie ist 97% vermietet und wird von Sprouts Farmers Market angeführt, während Costco Wholesale als Schattenanker fungiert. Sie befindet sich im begehrtesten Einkaufsviertel Nordfloridas und bedient eine wohlhabende Kundschaft mit einer geschätzten Bevölkerung von 192.000 und einem durchschnittlichen Haushaltseinkommen von 95.000 Dollar im Umkreis von fünf Meilen, was zu über vier Millionen jährlichen Besuchen führt.
Das Zentrum wurde 2008 erbaut und bietet aufgrund der unter dem Marktwert liegenden Mietverträge marktfähige Chancen. Mit dieser Akquisition erweitert Kimco seine Präsenz in Jacksonville auf 6 Immobilien mit insgesamt etwa 1,5 Millionen Quadratfuß und einer 98,6%igen Auslastungsquote zum 31. Dezember 2024.
- Acquisition of a large 254,000-square-foot premium property in a strategic location
- High occupancy rate of 97% with premium tenants
- Strong demographic metrics with 4+ million annual visits
- Potential revenue growth through below-market lease renewals
- Expansion in Jacksonville market with 98.6% portfolio occupancy
- Significant capital outlay of $108 million for single property acquisition
Insights
The
The property's metrics are compelling:
The tenant mix is particularly noteworthy, combining necessity-based retail (Sprouts Farmers Market) with lifestyle retailers and dining options. The Costco shadow anchor drives substantial foot traffic, while the 4 million annual visits indicate robust consumer demand. This acquisition strengthens Kimco's Jacksonville portfolio, now comprising 6 properties with an impressive
The Jacksonville market selection is particularly astute given Florida's continued population growth and economic expansion. The property's location adjacent to St. Johns Town Center positions it in the market's dominant retail corridor, capitalizing on the area's affluent demographic profile.
The tenant composition reflects evolving retail trends, balancing experiential retail (Cooper's Hawk Winery) with essential services and value-oriented retailers (Five Below). The presence of both Sprouts and Costco creates a complementary grocery offering that serves different consumer segments, maximizing market penetration.
The high-performing location is validated by multiple tenants achieving top chain performance in Florida, according to Placer.ai data. This performance metric suggests strong unit economics and tenant stability, reducing potential turnover risk and supporting future rent growth.
– Grocery-Anchored Center in Core Market Acquired through the Company’s Structured Investment Program –
JERICHO, NY, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM) a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced the acquisition of The Markets at Town Center, a 254,000-square-foot premier asset in Jacksonville, Florida for
“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.”
The Markets at Town Center is located in North Florida’s most sought-after shopping district and adjacent to St. Johns Town Center, the premier lifestyle center in Jacksonville. The property benefits from an affluent customer base with an estimated population of 192,000 and an average household income of
The Markets at Town Center is
The acquisition of The Markets at Town Center expands Kimco’s presence in the Jacksonville market which, as of December 31, 2024, comprised 6 properties totaling approximately 1.5 million square feet with an occupancy rate of
About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 60 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of September 30, 2024, the company owned interests in 567 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
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Safe Harbor Statement
This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets; (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) the Company’s failure to realize the expected benefits of the merger with RPT Realty (the “RPT Merger”), (xii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense, (xiii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xiv) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xv) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xvi) collectability of mortgage and other financing receivables, (xvii) impairment charges, (xviii) criminal cybersecurity attacks, disruption, data loss or other security incidents and breaches, (xix) risks related to artificial intelligence, (xx) impact of natural disasters and weather and climate-related events, (xxi) pandemics or other health crises, (xxii) our ability to attract, retain and motivate key personnel, (xxiii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxiv) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxv) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxvi) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxvii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxviii) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission (“SEC”).
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-833-800-4343
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe86b785-c254-4888-9c96-48bced64f242
FAQ
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