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JACKSONVILLE, FL-Regency Centers Corp. is expanding its joint venture relationship with the Macquarie Countrywide Trust of Australia with the sale of four grocery-anchored shopping centers totaling 716,128 sf. The $74.2-million sale price equates to an average $103.61 per sf and represents a first-year yield of 8.5%.

Regency is keeping its 25% ownership interest in the JV and will manage the entire partnership portfolio of 27 shopping valued at $410 million, the company says in a prepared statement.

The sold properties are the 262,194-sf Highlands Square Shopping Center here, anchored by Publix and Winn-Dixie; Franklin Square Shopping Center, Lexington, KY, 201,673 sf, anchored by Kroger; Palm Harbour Shopping Center, Daytona, Beach, FL, 172,758 sf, anchored by Publix; and Bent Tree Plaza, Raleigh, NC, 79,503 sf, anchored by Kroger.

Regency owns 262 retail properties, including those held in joint ventures, totaling 29.9 million sf.

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