Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of Balboa Mesa Shopping Center, a 189,321-square-foot infill shopping center anchored by market-dominant grocer Vons. Regency purchased the San Diego property for $59.5 million from Balboa Realty LLC.
Built in 1969, Balboa Mesa Shopping Center is anchored by a 42,247-square-foot Vons, a 77,000-square-foot Kohl’s and a 24,000-square-foot CVS/pharmacy. Located at one of the city’s busiest intersections at Balboa Avenue and Genesee Avenue, the neighborhood center is situated in a major retail node with 63,000 vehicles passing the site daily. The center is surrounded by a residential population of 126,000 and a daytime population of 109,000 within a three-mile radius.
“Balboa Mesa fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Howard Overton, vice president of transactions for Regency Centers. “Located in the core market of San Diego, this center complements Regency’s premier portfolio of centers nationwide.”
Gregg Sadowsky, senior market officer for Regency Centers, added, “The 95-percent-leased property offers an immediate redevelopment opportunity to increase the square footage of the center, further improving the net operating income for the project. The center’s prominent location, dense residential and daytime populations and strong traffic counts make this center one of the more desirable locations for retailers in the San Diego market.”With the acquisition of Balboa Mesa, Regency owns 69 properties in California, including 10 retail centers totaling 1.5 million square feet in the San Diego market.
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