The 20-acre property is called Clayton Valley. It's located at the high-traffic intersection of Ignacio Valley Road and Clayton Road but is functionally obsolete and, as a result, lost its grocery anchor, Boise, ID-based Albertson's to a newer, expanded location a few blocks away that incorporates its own pharmacy.

Jacksonville, FL-based Regency plans to inject large amounts of capital into giving the center a new look. The process may include knocking down some buildings and reconfiguring the center to attract more foot traffic. One of the brokers in the deal, Kevin Van Voorhis of Colliers International, tells GlobeSt.com that Regency is already drawing interest from "a number of different tenants" interested in a redeveloped center on what he describes as "an awesome corner."

Voorhis says one existing anchor, Yardbirds, "does gangbusters" at the location and will stay, as will the pharmacy anchor Longs Drug of Walnut Creek, CA. One of the goals of the redevelopment is to sign up a new grocery anchor that is attracted to the area's continually growing population base.