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Regency Centers Sells Mid-Atlantic Portfolio for $108.1M

Regency-Macquarie JV Sells 7 Centers to Angelo Gordon-Spectrum JV
June 2, 2008
Jacksonville, FL-based Regency Centers (NYSE:REG), together with co-investment partner Macquarie CountryWide of Australia, sold seven "non-core" properties, totaling 804,457 square feet, to a joint venture between New York-based Angelo Gordon & Co and Maryland-based Spectrum Partners. The portfolio of centers sold for $108.1 million, or approximately $134.38 per square foot, with a cap rate of 7.75 percent; this sale price is $10.5 million less than the agreed-upon price Macquarie announced in Nov. 2007.

Bill Kent and Gary Lawrence of CB Richard Ellis' Washington D.C. office represented the seller in the transaction. A buyer representative was not disclosed.

Barry Argalas, Regency Centers senior vice president of National Acquisitions and Dispositions said, "The disruption in the capital markets has not only impacted new debt, it has also lengthened the loan assumption process. This was a great example of buyer and seller working together to get through the extended loan assumption process and achieve a successful result."

Regency said it continues to market for sale centers it holds with Macquarie, and expects properties to sell throughout the year as part if its "capital recycling" strategy.

Details on the seven centers involved in this portfolio sale are as follows:

  • Newark Shopping Center, located in Newark, DE (Philadelphia area), is 183,017 square feet and features tenants including Goodwill industries and Dollar Express.

  • Northway Shopping Center, located in Millersville, MD (Baltimore area), is 98,016 square feet and anchored by Shoppers Food Warehouse and Goodwill Industries.

  • Kenhorst Plaza, located in Kenhorst, PA (Reading area), is 159,150 square feet and anchored by Redner's Market, Sears, Rite Aid and the US Post Office.

  • Towamencin Village Square, located in Lansdale, PA (Philadelphia area), is 122,916 square feet and anchored by Genuardi's, Sears, Eckerd and Dollar Tree.

  • Brafferton Center, located in Garrisonville, VA (Washington), is 97,872 square feet and anchored by Sport and Health Clubs.

  • Glen Lea Centre, located in Richmond, VA, is 78,494 square feet and anchored by Eckerd.

  • Laburnum Park Shopping Center, located in Richmond, VA, is 64,992 square feet and anchored by Ukrop's and Rite Aid.

This article appeared in CoStar's Retail News Roundup: Jun 1 to 7, 2008. The Roundup is a weekly column by CoStar senior news editor, Sasha Pardy, covering retail store expansions, closings, bankruptcies, acquisitions/mergers/sales, new retail developments, personnel changes, sustainability, and more. This week in the Retail Roundup, CoStar reports on expansions or new concepts at Polo Ralph Lauren, LaSalle Brands and Cato; new retail developments in UT, WI, OH and PA; acquisition, merger, loan or sale activity at Regency Centers and Macquarie, Centro Properties Group and Wendy's/Arby's; closings, cutbacks or bankruptcies at Sharper Image, Geoffrey Beene and Uni-Mart/Choice stations; personnel announcements at Ross Stores and Lee & Associates; sustainability at Citi bank branches; and more.
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