X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JACKSONVILLE, FL-Expanding its previously established joint venture with Macquarie Countrywide Trust of Australia, Regency Centers Corp., based here, has closed a $55.3 million deal by selling and contributing five grocery-anchored shopping centers totaling 439,422 sf to the trust.

The price equates to $125.84 per sf and represents a first-year yield of 8.4%, according to the REIT. Regency will retain a 25% ownership interest in the properties and will manage the assets for the joint venture.

The properties are the 63,871-sf Lynn Haven Shopping Center in Panama City, FL, anchored by Publix; the 150,356-sf Hillsboro Market in Portland, OR, anchored by Albertson’s; the 113,216-sf Center Killian Hill Shopping Center in Atlanta, anchored by Publix; the 36,887-sf Rosewood Shopping Center in Columbia, SC, anchored by Publix; and the 75,092-sf Center Southgate Village Shopping Center in Birmingham, AL, anchored by Publix.

The five-property acquisition increases the trust’s portfolio to 20 centers with a total investment of about $230 million, Regency says. The REIT claims it is the leading national owner, operator and developer focused on grocery-anchored, neighborhood retail centers.

As of March 31 of, Regency owned 261 retail properties totaling 29.5 million sf located in high-growth markets throughout the US.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.