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JCR Cos. Buys Manassas Retail Center

MANASSAS, VA—The sellers, a JV between Regency Centers and the Oregon Public Employees Retirement System fund, have been selling off retail holdings lately.

By Erika Morphy | erikamorphy | | Updated on March 24, 2016
Signal Hill Shopping Center Signal Hill Shopping Center
MANASSAS, VA—Washington DC-based JCR Cos. has picked up a shopping center here for $22.6 million, or $237 per square foot. The seller of the 95,172-square foot property, Signal Hill Shopping Center, was a JV between Regency Centers, a REIT based in Jacksonville, FLA, and the Oregon Public Employees Retirement System. This transaction, as an aside, is not the first time the three players have come together for a deal. In 2014, JCR Cos. acquired the Lorton Station Town Center, a 51,800-square foot retail center from Regency Centers and the Oregon fund, for $13.8 million, or $266 per square foot. More recently Regency Centers and Oregon PERS, which have partnered in some 11 deals, seem to be in selling mode — although each company has also made select purchases as well. The pension fund and the REIT, for example, have also sold off Geneva Crossing, in Carol Stream, IL, for $9.2 million, to the Dallas, Texas-based Tabani Group. Separately, Regency Centers has sold in recent months, usually as part of a joint venture,  Whitnall Square in Milwaukee, WI, for $11.8 million; South Lowry Square in Denver, CO, for $12.4 million; and Bowie Plaza in Bowie, MD, for $24.3 million. The Oregon fund has also sold off assets separately but it made a significant acquisition as well recently — in December of 2015 it acquired Campus @ 3333, a 450,000-square foot office, for 305.1 million, or $678 per square foot. It partnered with the then Clarion Partners for that deal.

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