WASHINGTON, DC-Regency Centers has acquired Shops at the Columbia, a 22,812-sf West End retail center. According to its earnings statement, the Jacksonville, FL-based firm acquired it in partnership with CalSTRS for $11.4 million and a cap rate of 6.6%.
Located at 24th and L streets, Shops at the Columbia is anchored by Trader Joe's, which occupies 11,833-sf in the west tower, according to Regency Centers. Natural Body Spa and District Hardware are among the tenants in the additional 10,979 sf of retail space in the east tower.
Shops at the Columbia is part of the Columbia Residences Condominium, a 225-unit luxury condo that has been redeveloped from the Columbia Hospital for Women.
"We are pleased to have acquired Shops at the Columbia as another quality shopping center in Washington, DC and look forward to additional acquisition opportunities inside the Beltway," says Barry Argalas, vice president of Acquisitions & Dispositions, in a statement.
Regency Centers entered the DC market in 2005, when it acquired Spring Valley Shopping Center, a 16,834-sf center located at 4851 Massachusetts Ave.
The company has reported that its Q4 net income was $61.5 million, compared to $43.4 million in the same quarter the previous year. Net income for the year ended Dec. 31, 2006 was $198.8 million, up from $145.9 million FFO for Q4 were $77 million, up from $64.9 million. For the year, FFO was $270 million, compared to $242.4 million in 2005.
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