USAA Real Estate Company has acquired a partial interest in a portfolio of neighborhood shopping centers owned by Jacksonville, FL-based retail REIT, Regency Centers (NYSE:REG) for $133.1 million. USAA acquired an 80% interest in the portfolio, while Regency maintains 20% ownership.

The portfolio involved consists of eight grocery-anchored centers totaling 813,193 square feet with locations in the Los Angeles, San Francisco Bay, Houston, Dallas/Ft. Worth, Orlando, Atlanta and Raleigh/Durham markets. USAA reports the portfolio is 94% leased and its anchor tenants generate 66% of total rent. The portfolio's 153 tenants including Kroger/Ralphs, Safeway, Publix Super Markets, the United States Postal Service, Longs Drugs (CVS), Hallmark and Subway, among others.

The specific identity of the shopping centers involved were not disclosed. In Regency's third quarter conference call, the REIT said it would realize $104 million in net proceeds from the transaction. The portfolio's capitalization rate was estimated at 8.75%.

CoStar's Retail News Roundup: Nov. 1 - 7, 2009
This week in the Retail Roundup, CoStar reports on expansions or new concepts at Prime Retail and Edible Arrangements; closings, cutbacks, defaults, or bankruptcy news at Movie Gallery and more; acquisition, merger, loan, sale, or IPO activity at USAA, Martinsburg Mall, Vitamin Shoppe, and Rubios; new retail development news in NJ; personnel or corporate announcements at NAI Capital and Sonic; sustainability and green building news at Arby's and Chipotle; and more.