BOCA RATON, FLA. — Regency Centers Corp. (NYSE: REG) has acquired University Commons, a 180,323-square-foot grocery-anchored shopping center located in Boca Raton, for $80.5 million.
University Commons is fully occupied by tenants including Whole Foods Market, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond, P.F. Chang’s China Bistro, J. Alexander’s, Mario’s Osteria and Shake Shack.
The center, which was developed in 2001, is situated on 22.4 acres at the I-95 interchange at 1400 Glades Road and consists of one primary building with four outparcel buildings and 1,156 parking spaces.
“University Commons is a trophy asset that we are extremely excited about,” says Scott Porter, vice president of transactions for Regency Centers. “It’s rare that you find a property with its mixture of fundamental retail drivers.”
Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF worked on behalf of the seller, an entity controlled by Boca Raton-based Schmier & Feurring Properties, in the transaction.
“University Commons is one of the premier retail centers in the country,” says Finkle. “Its combination of location, tenancy and design are impeccable and highlighted by the tenants’ outstanding sales performance.”
Regency Centers purchased the asset subject to an existing loan.
Regency Centers owns, operates and develops grocery-anchored retail centers, with a portfolio of 319 centers, 19 regional offices and properties located in most major U.S. markets.
The stock price of Regency Centers closed Tuesday, Sept. 8, at $58.95 per share, up from $57.70 per share a year ago.
— Katie Sloan