JACKSONVILLE, FL-Expanding its previously established joint venture with Macquarie Countrywide Trust of Australia, Regency Centers Corp., based here, has closed a $55.3 million deal by selling and contributing five grocery-anchored shopping centers totaling 439,422 sf to the trust.

The price equates to $125.84 per sf and represents a first-year yield of 8.4%, according to the REIT. Regency will retain a 25% ownership interest in the properties and will manage the assets for the joint venture.

The properties are the 63,871-sf Lynn Haven Shopping Center in Panama City, FL, anchored by Publix; the 150,356-sf Hillsboro Market in Portland, OR, anchored by Albertson's; the 113,216-sf Center Killian Hill Shopping Center in Atlanta, anchored by Publix; the 36,887-sf Rosewood Shopping Center in Columbia, SC, anchored by Publix; and the 75,092-sf Center Southgate Village Shopping Center in Birmingham, AL, anchored by Publix.

The five-property acquisition increases the trust's portfolio to 20 centers with a total investment of about $230 million, Regency says. The REIT claims it is the leading national owner, operator and developer focused on grocery-anchored, neighborhood retail centers.

As of March 31 of, Regency owned 261 retail properties totaling 29.5 million sf located in high-growth markets throughout the US.