Regency Centers Sheds Northern Florida Retail Center

The nearly 85,000-square-foot shopping center, home to a range of national and local tenants, sold for more than $10 million.
Old Kings Commons in Palm Coast, Fla.
Old Kings Commons in Palm Coast, Fla.

Regency Centers has sold Old Kings Commons, an 84,759-square-foot community shopping center in Palm Coast, Fla., for $10.6 million. The buyer, a private investor, financed the purchase with a $7.7 million acquisition mortgage, arranged through Barrington Capital. Matthews Real Estate Investment Services represented the seller and secured the new owner in the transaction.

Located at 7 Old Kings Road N., the asset is close Interstate 95 and approximately 60 miles south of Jacksonville, Fla. Currently, Beall’s Outlet and Staples anchor the 1989-built property, occupying 27,828 square feet and 24,197 square feet, respectively. Other tenants include Planet Fitness, Pinch-A-Penny and Dunkin’ Donuts/Baskin-Robbins. The seller previously acquired the mall for $6 million from a joint venture between MPG Development and Developers Diversified Realty Corp. in 1988, according to Flagler County records.

“This was a strong, fully stabilized center located in a market of Florida with extremely low vacancy,” said Jordan Powell, associate with Matthews, in a prepared statement. Powel and Scott Henard, senior vice president & regional director of the Matthews Shopping Center Division, were part of the team involved in this transaction.

Image courtesy of Matthews Real Estate Investment Services