August 26, 2019
New York-based real estate investment company KPR has acquired Bolton Plaza, a 174,037-square-foot retail shopping center in Jacksonville. The sales price was $18 million.
Located at 661 Blanding Blvd. in Jacksonville’s Orange Park suburb, the 18-acre center is anchored by big box tenants Academy Sports and Outdoor, LA Fitness, Marshalls and Aldi. The shopping center was originally developed in 1988, and redeveloped and expanded between 2015 and 2017. In addition to the anchor tenants, the center features a Cato Fashions as well as 13,860 square feet of outparcel space occupied by Panera Bread, AT&T, Sport Clips and Little Caesars. The shopping center was 99% occupied at time of sale.
Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, Indianapolis-based REIT Kite Realty. Chris Lentz and Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance Team secured acquisition financing for KPR through Synovus Bank.
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