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JACKSONVILLE BEACH - South Beach Regional shopping center's decade of tenant turnover could end when national retailer The Home Depot Inc. opens a store there next year.
The 65,000-square-foot building that will house Home Depot is part of a $271 million deal in which Kmart Holding Corp. sold some of its most attractive real estate holdings to aid its ongoing recovery.
South Beach Regional's owner, Miami-based Equity One Inc., views the national home improvement chain's upcoming presence under a 20-year land lease as a solid anchor for the 289,319-square-foot center.
"Kmart's woes were well documented over the years as that industry got more blinded by the Wal-Marts and Targets of the world," said Thin Meredith, Equity One leasing director and senior vice president. "We look at [Home Depot] as an improvement in the creditworthiness of the shopping center and expect the traffic to increase."
Kmart in late August announced it had reached a final agreement with Home Depot...