DAVIS, CA-Regency Centers has closed on the acquisition of Oak Shade Town Center, a 103,762-square-foot neighborhood shopping center anchored by Safeway, Rite Aid and OfficeMax in Davis, CA. The property was purchased for $35 million from the center’s original owner.
Built in 1998, Oak Shade Town Center is anchored by a 40,000-square-foot Safeway, which is the top sales-producing grocer in the market, according to a prepared release. It is also anchored by “the city’s only full-service office supply store” OfficeMax, 21,000 square feet, and a 17,522-square-foot Rite Aid with the area’s only pharmacy drive-through, according to a prepared statement.
The 95% leased center also features Round Table Pizza, Bank of America, Great Clips and AT&T Cellular. The center is located within a mile of the University of California, Davis and the El Macero Country Club.
“Oak Shade Town Center is one of only five grocery-anchored centers in Davis, and one of only two serving the south side of Interstate 80,” explains TR Gregory, head of Western acquisitions/dispositions with Regency Centers. “This infill center’s market position is further strengthened by the City’s stringent growth control ordinances which limit future retail development, making this a desirable acquisition for Regency.”
“Regency continues to pursue premier grocery-anchored infill centers with market-dominant anchors and superior demographics in major markets across the country,” Gregory adds. As of June 30, 2011, Regency owned 367 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 50.1 million square feet throughout the US. Since 2000, Regency has developed 205 shopping centers, including those currently in-process, representing an investment at completion of $3 billion.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
