Regency Centers Acquires 37 Acres, Flips 24 to Wal-Mart

FORT WRIGHT, KY-Grocery-anchored retail REIT Regency Centers recently paid $12 million for 37 acres in this Northern Kentucky suburb of Cincinnati and simultaneously flipped 24 acres to Wal-Mart for an undisclosed price. The seller was Fort Wright-based B&Z Development.

Regency’s Midwest Vice President of Development David Birdsall tells GlobeSt.com that Wal-Mart will develop a 182,000-sf Super Center on the site and Regency will develop periphery pads and an 18,000-sf strip center on the remainder. “By next spring it will be fully developed and open for business,” says Birdsall.

Birdsall confirmed Regency’s $12-million purchase price for the entire 37 acres but declined to say for how much it flipped the 24 acres to Wal-Mart. A clerk in the Kenton County property records division tells GlobeSt.com the transaction has not yet been recorded.