JACKSONVILLE, FL-After holding the property for eight years, Regency Centers has sold the Regency Court Shopping Center to Garfunkel Development for nearly $25.3 million. The center is 218,646 sf.

Regency Court Shopping Center was built in 1970 and Regency acquired the retail asset as part of the Branch Capital Partners portfolio acquisition in 1999, Jim Michalak, managing partner of Plaza Advisors, tells GlobeSt.com. Michalak was the sole broker in the deal.

At the time of the sale, Regency Court was 99% occupied, with tenants including the Sports Authority, CompUSA, Sofa Express, Office Depot and a new K&G Superstore. Rooms To Go and Longhorn Steaks occupy outparcels. Sports Authority is the largest tenant with 43,682 sf, followed by CompUSA with 28,318 sf. The property is located across from the 1.5-million-sf Regency Square Mall at the intersection of Southside Boulevard and Arlington Expressway.

“Regency’s assets and company strategy is to primarily own grocery-anchored centers, which this asset was not considered a core property,” Michalak says. “In addition, Regency’s tenant relationships are with retailers that cohabitate with grocer operators so their ability to backfill spaces in non-grocery anchored assets is not as effective.”

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