Regency Plaza Sold to America’s Realty
Regency Plaza is currently 99% leased. Other tenants at the property include: Chuck E. Cheese, Coco Beauty Supply and Sakura Buffet. The property was originally built in 1973 and renovated in 2011.
JACKSONVILLE, FL—An affiliate of Maryland-based retail investment firm America’s Realty LLC has acquired the more than 200,000-square-foot Regency Plaza shopping center here for $10.8 million.
The 205,700-square-foot center located across from the Regency Square Mall was sold by an entity affiliated with DLC Management of Elmsford, NY, according to the Shopping Center Group, which represented the seller in the deal.
America’s Realty is based in Pikesville, MD and according to its website, has Florida holdings that include: the Avon Square Shopping Center in Avon, the Palm Center Shopping Center in Lakeland and the Wabash Shopping Center in Lakeland.
“Regency Plaza benefits from a strong, extended anchor tenancy that includes Burlington Stores—that recently extended its lease through 2023, dd’s Discounts, OfficeMax and other household names in retail and dining,” says Anthony Blanco, partner, director of investment sales, the Shopping Center Group. “And the anchor tenancy is stable for the foreseeable future with average anchor base rents at only $5.40-per-square-foot.”
Regency Plaza is currently 99% leased. Other tenants at the property include: Chuck E. Cheese, Coco Beauty Supply and Sakura Buffet. The property was originally built in 1973 and renovated in 2011.
Blanco adds that the surrounding retail trade area is one of Jacksonville’s strongest and is enjoying a resurgence in market rents and occupancy levels.