"Unified Western and Thriftway had the original lease on thislocation and during the transaction, Regency bought the lease backfrom Thriftway," says Craig Ramey, Regency's locally based seniorvice president. Safeway's renovations should take about fourmonths.

The Murrayhill Marketplace shopping center is located atsouthwest Osprey Drive and southwest Murray Boulevard in Beaverton.It is in a great location, says Regency SVP Craig Ramey, but itcould use a makeover. "This is a first step in revitalizing theshopping center," Ramey tells GlobeSt.com. "We are consideringupgrades to the center that would tie in with the new Safeway."

The complex is about 90% leased, says Ramey. "We've recentlylost a couple of retail tenants that have put us below ourportfolio average of 97% to 100% occupancy," says Ramey. "So we'vehad some turnover of late but Safeway will come in and furtherstabilize things and allow us to attract even more newtenants."