KPR Acquired the 174,037-SF Bolton Plaza in Orange Park, FL
JACKSONVILLE, FL August 13, 2019 – Cushman & Wakefield has negotiated the $18.05 million sale of Bolton Plaza, a best-in-class, 174,037-square-foot retail plaza in the Jacksonville market. The property is anchored by industry-leading big box tenants Academy Sports and Outdoor, LA Fitness, Marshalls and Aldi.
The Cushman & Wakefield Retail Capital Markets Team of Vice Chairman Mark Gilbert, Executive Director Adam Feinstein and Director Mitchell Halpern represented Kite Realty, an Indianapolis-based REIT, in the disposition. The buyer is KPR, a New York-based real estate investment company focused on retail centers in well-located East Coast markets. Senior Director Chris Lentz and Senior Director Jason Hochman, with Cushman & Wakefield’s Equity, Debt & Structured Finance Team, assisted KPR in securing financing with a loan from Synovus Bank.
Bolton Plaza is located in the town of Orange Park, a highly desirable trade area and suburb of Jacksonville. At 661 Blanding Blvd., the 18.32-acre property has excellent frontage along Orange Park’s primary commercial artery and is visible to 65,000 vehicles per day at the intersection of Blanding Boulevard and Bolton Road. The property also benefits from strong population demographics, with 52,105 residents in a three-mile radius. The surrounding population is projected to grow 5.8% by 2022.
The shopping center was originally developed in 1988 and redeveloped and expanded between 2015 and 2017. In addition to the four anchor tenants, the property 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 with 1,200 square feet available for lease.
“Bolton Plaza has an incredible location that has been part of the Orange Park / Jacksonville community since 1988, and in the last five years was completely re-tenanted by Kite Realty with best-in-class retailers,” said Gilbert. “This re-tenanting effort has made Bolton Plaza an extremely relevant and important retail center in the marketplace.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida