Kimco Realty (KIM) said late Wednesday it has acquired The Markets at Town Center, a 254,000-square-foot asset in Jacksonville, Florida, for $108 million.

The commercial center is the first property Kimco acquired through its structured investment program, under which it provides mezzanine financing that gives it rights of first refusal or rights of first offer on assets that could be acquired eventually, the company said.

The acquisition of the property, which is 97% occupied, adds to Kimco's Jacksonville portfolio, which as of Dec. 31, 2024, comprised six properties totaling about 1.5 million square feet with an occupancy rate of 98.6%, the company said.