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SAN DIEGO-Balboa Realty LLC has sold Balboa Mesa Shopping Center, a 189,321-square-foot infill shopping center anchored by market-dominant grocer Vons, to Regency Centers Corp. for $59.5 million. With this acquisition, Regency now owns 69 properties in California, including 10 retail centers totaling 1.5 million in the San Diego market.

The property, which is 95% leased, “offers an immediate redevelopment opportunity to increase the square footage of the center, further improving the net operating income for the project,” according to Gregg Sadowsky, senor market officer for Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers.

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