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JACKSONVILLE, FL-Regency Centers has sold seven centers in the Mid Atlantic for $108.1 million to Spectrum Partners and Angelo Gordon. Regency owned the centers as part of its partnership with Australia-based Macquarie CountryWide.

The centers are located in Delaware, Maryland, Pennsylvania, and Virginia. Tenants include a variety of different anchors, Barry Argalas, Regency’s senior vice president of acquisitions and dispositions, told GlobeSt.com.

Regency and Macquarie put the properties on the market last year as part of their capital-recycling program, along with a portfolio of seven Southeast centers that it sold to DLC Management Corp. in November for $104 million. “It took a lot longer to get this one done,” Argalas says.

Part of the reason for the delay was that Mid-Atlantic portfolio is made up more of value-added, under-performing centers, while the Southeast properties were core assets, Argalas says. Additionally, when the centers went to market before the credit crunch, portfolios were more attractive to buyers. Now, one-off deals are more common.

Regency will use the proceeds to fund its development pipeline, which includes about 50 projects. The company currently owns about 450 centers across the country, 163 of which are in the Macquarie JV, which began in 2001.

Regency was represented by Bill Kent and Gary Lawrence out of C.B. Richard Ellis’ Washington DC office. The centers sold at a 7.75% cap rate.

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