The centers involved in the transaction are John's Creek Center, a Publix-anchored center in Jacksonville, FL; Signal Hill Shopping Center, a Shoppers Food Warehouse-anchored center in Manassas, VA, and; Hollymead Town Center, a Harris Teeter and Target-anchored center in Charlottesville, VA.

Regency invests with OPERF through three co-investment partnerships collectively known as Columbia, according to SEC filings. OPERF's interests in the partnerships range from 70% to 80%. As of the end of 2007, the Columbia funds owned 28 shopping centers, had total assets of $648.2 million, and net income of $12.7 million for the year ended. During 2007, Columbia acquired eight shopping centers for a purchase price of $88.7 million, net of $15.2 million of assumed debt and $31.1 million in financing obtained by Columbia.

Regency, which has interests in approximately 58.9 million sf of retail in 443 retail properties, also announced on Friday the contribution of another property to its open-end fund, Regency Retail Partners. The asset, Silver Spring Square, a Wegmans and Target-anchored center in Harrisburg, PA, was valued at $74.5 million for the transaction. The price represents a weighted average cap rate of 6.83%.