Ridgewood Shopping Center at 3540 Wade Ave. in Raleigh was originally developed in 1951.
RALEIGH, NC—Regency Centers Corp. of Jacksonville, FL has acquired the storied Ridgewood Shopping Center here that dates back to 1951.
The nearly 93,000-square-foot Whole Foods anchored center was purchased in a joint-venture partnership where Regency owns a 20% interest. No financial terms of the transaction were disclosed. The Triangle Business Journal reports that the property, which has been in operation for 67 years, traded for $46 million.
Matt Hagan, VP and market officer for Regency Centers, says, “This is an irreplaceable, infill property with a deep-seated history and is one of the best located centers in the Triangle. We plan to leverage the strength of our leasing, property management and development teams to ensure that the center both reflects and serves the surrounding community.”
The center is located inside Raleigh's Beltline, less than three miles from downtown, and is anchored by the city's original Whole Foods. Placed among the strongest demographics in the market, the Ridgewood Shopping Center is near NC State, Meredith College and Raleigh's most-affluent neighborhoods, the company notes.
Other notable tenants at Ridgewood Shopping Center include Walgreens, Orvis, Fleet Feet Sports and a collection of long-tenured local tenants servicing the trade area. This is Regency's 13th property in the market, including Cameron Village, Midtown East and Market at Colonnade Center.
Regency announced recently that during the second quarter it closed on $71 million of acquisitions and $32.5 million of dispositions. Its most notable purchase was Rivertowns Square in Dobbs Ferry, NY, a 116,000-square-foot retail shopping center, anchored by Brooklyn Market, for a gross purchase price of $68.9 million.
Regency sold three shopping centers during the quarter. The properties were all located in Florida in the markets of Palm Coast, Fort Myers and Orlando.
During the second quarter, Regency started four redevelopment projects and completed two development projects. The completed development projects have a combined cost of $110.9 million and are expected to yield an average return of 7.0%.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
