College Leases Campus Land for Retail Center

MCMINNVILLE, OR-Regency Centers says it will develop a shopping center on 28 acres adjacent Linfield College. The national owner and operator of grocery-anchored strip centers signed a long-term ground lease with Linfield in June, the details of which have not yet been made public.

Carl Vance, vice president of finance and administration at Linfield says the college had spoken to a number of developers interested in the property, but Regency was one of the few willing to lease the entire 28-acre lot, a portion of which recently was donated to the college by Hewlett Packard.

No permit applications have been field with the City, but Regency says the tentative plan is to begin development in the first quarter of 2002. Tenant store openings are being targeted for late 2002 and early 2003. Linfield also plans to develop an additional 43 acres of land, zoned as multi-family residential, adjacent to the shopping center.