The seller was Regency Centers, a national owner, operator anddeveloper of grocery-anchored shopping centers. Regency acquiredthe property in December of 2000 and started construction inFebruary 2001.
The center is well located at the intersection of TanasbourneDrive and Northwest 185th Avenue, just off the exit from Highway26. Craig Ramey, senior vice president of investments for Regency'sNorthwest region, tells GlobeSt.com Regency decided to sell theproperty because the company tends only to hold ontogrocery-anchored properties.
"It wasn't necessarily our intent to sell it right away, but thebuyer had a requirement," said Ramey, declining to reveal thespecific motivating factor, such as a "10-31 Exchange" deadline.Nationally, Regency owns 268 retail properties in high growthmarkets throughout the United States.
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