ORANGE PARK, FL-Miami-based Continental Real Estate Cos. has acquired an interest in its seventh Florida property in the last 12 months with the $13.9-million joint venture acquisition of Bolton Plaza, a 172,938-sf shopping center is in this Jacksonville suburb. The 17-year-old property is 92% leased. Jacksonville-based Regency Centers Corp. was the seller.

Kite Realty Group of Indianapolis has an 85% equity interest in the 15-tenant property, according to the publicly traded firm's third-quarter results. Wal-Mart Stores Inc. anchors the center which has 41,500 sf of small shops. Although Wal-Mart's 131,488-sf lease expires in 2008, Continental executive vice president David Moret sees the store's departure as an opportunity to improve the value of the property.

"Bolton Plaza is exceptionally well situated on high-volume Blanding Boulevard and has significant potential for future development," Moret says in a prepared statement. Wal-Mart's new supercenter will be nearby. "It will provide us with an opportunity to redevelop that space," Moret says.

Craig Thomas of Marcus & Millichap negotiated for Regency. Continental represented the buyers. The property was on the market for about 60 days. The deal took two months to complete, from contract signing to closing. The average asking base rent for non-anchors is $18 per sf.Continental's seven acquired assets in Florida are valued at $130 million, according to company chairman Warren P. Weiser. The company is scouting for more acquisitions, he says.