Regency puts a $103.3 million gross price on the deal which gives the locally based retail REIT a 25% ownership stake in the JV. The price equates to a first-year yield of 7.6%. All three properties were developed or redeveloped by Regency.
They are Amerige Heights Town Center in Orange County, CA, 96,679 sf, anchored by Albertson's; El Cerrito Plaza, Oakland, CA 255,952 sf, anchored by Trader Joe's and Albertson's; and Regency Milford Center, Cincinnati, OH, 108,903 sf, anchored by Kroger.
Regency will manage the properties for the joint venture. Macquarie and Regency jointly own 23 shopping centers for a total investment of about $334 million, according to Regency's prepared statement.
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