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Regency Partnership Buys Seven Centers for $77M

JACKSONVILLE, FL-Regency Centers and Oregon Public Employees Retirement Fund acquire seven retail centers in the Southeast, Texas and California.

By Natalie Keith | Updated on January 08, 2008

JACKSONVILLE, FL-A partnership of locally based Regency Centers Corp. and Oregon Public Employees Retirement Fund have acquired seven grocery-anchored retail centers for $76.6 million.

Six of the properties were acquired in a portfolio at a cap rate of 7%. The seller of the portfolio, which was 98% occupied at the time of the sale, was Philadelphia-based Lincoln National Life Insurance Co. The seventh property, Cochran Commons, was acquired at a cap rate of 6.6%. The seller was Charlotte, NC-based Raley-Miller Properties. The partnership has locked interest rate on 10-year, interest-only debt at an all-in coupon rate of 5.95% on five of the acquired properties. The debt, representing a 50% loan-to-value ratio, is expected to close within 60 days. Regency will own 20% of the properties.

The properties acquired were King Plaza, an 81,432-sf Publix-anchored center in Atlanta; Island Crossing, a 58,455-sf Publix-anchored center in Port St. Lucie/Fort Pierce, FL; Lost Mountain Shopping Center, a 72,568-sf Publix-anchored center in Atlanta; Surfside Beach Commons, a 62,827-sf Bi-Lo-anchored center in Myrtle Beach, SC; Highland Knolls, an 87,469-sf Randall’s-anchored center in Houston; Raley’s Supermarket, a 59,880-sf Raley’s-anchored center in Sacramento; and Cochran Commons, a 60,020-sf Harris Teeter-anchored center in Charlotte, NC.

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