Australian Trust Adds to US Retail Holdings

SYDNEY-Regency Centers Corp. of Jacksonville, FL has contributed two more retail properties to its joint venture with locally based Macquarie CountryWide Trust of Australia. The properties include the 113,518-sf Cherry Park Market in Portland, OR and the 104,128-sf Somerset Crossing in Washington, DC. The sale price for the Portland property was $17.2 million. The first-year yield will be 8.25%, according to Regency. The DC property sold for $26.2 million; it will provide a first-year yield of 7.25%, according to Regency.Including these two properties, Macquarie CountryWide Trust and Regency jointly own 28 shopping centers for a total investment of approximately $447 million. In previous joint venture deals, Regency Centers has retained a percentage interest in the property as well as the property management assignment.