Ian Ritter is national online editor for GlobeSt.com/RETAIL. The story was reported with assistance from Alex Finkelstein.

JACKSONVILLE, FL-Regency Centers Corp. and Macquarie Countrywide Trust's $2.7-billion acquisition of 101 centers from CalPERS and First Washington Realty totaling 13 million sf could lead to a number of future redevelopments in the portfolio, said Mary Fiala, a Regency managing director today during a conference call on the deal. Most of those renovations could take place at the portfolio's centers in Western states.

Fiala also revealed that the deal has a capitalization rate of about 6.3% and the grocery-anchored properties have low exposure to Wal-Mart Supercenters. But she added, "To have a strategy to hide from Wal-Mart is not a strategy. You have to have a strategy that competes. We believe that even if Wal-Mart came, [the portfolio] would compete very effectively."

After the deal's closing in the second quarter, Regency will own or manage 392 retail centers totaling 49 million sf of gross leasable area in 26 states. Australia-based Macquarie Countrywide will own 65% of the 96%-leased properties; Regency, 35%, Regency chairman and CEO Martin E. Stein Jr. says in a prepared statement. Regency will manage the centers.