Regency purchased the property--800 NW 188th Ave.--in December for $3.8 million, according to Oregon Title Insurance Co. It was previously slated to be a full-service Marriott hotel. The seller, Atlanta-Hillsboro Lodging LLC, paid $2.7 million for the land in May 1998, according to the title company. Hotel broker Ed Dundon represented Atlanta-Hillsboro Lodging LLC. Skip Stanton represented Regency.

Meanwhile, Regency is developing Hillsboro Landing Center, a 159,000-sf center also located hyere, is anchored by a 58,000-sf Albertson's (Phase I), for which an Albertson's fuel station is in the works. Phase II is in the planning stages. Finally, south of Seattle, Regency's Sherwood Crossroads, an 80,127-sf facility in Sherwood, OR anchored by Safeway, is scheduled for completion at the end of the month.

Regency Realty has had a strong desire to be active in the Portland and Seattle areas, says Regency's senior vice president of Northwest investment H. Craig Ramey, and with a total of 19 developed and under development projects, "we are on our way."

Regency, founded in 1963 and public since 1993, owns and operates 235 properties in 22 states, accounting for over 27 million sf of prime retail space. Its total assets before depreciation exceed $3 billion. Security Capital US Realty is the company's majority shareholder.

Earlier this month, Regency informed shareholders it would begin rolling out its plan this month to enhance the brand, in part, with a new name and a new logo. The company will soon be known as Regency Centers Corp.