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Regency Centers Acquires Four Shopping Centers In December

Stocks in this article: REG

Regency Centers Corporation (“Regency” or the “Company”) announced today that prior to year end the Company acquired four properties at a total purchase price of $188.5 million. Regency’s share of the total purchase price was $147.4 million. The Company also disposed of three non-strategic properties during the fourth quarter at a total sales price of $76.6 million. Regency’s share of the total sales price was $49.7 million. For the full year 2012, the Company acquired $334.3 million of dominant shopping centers (Regency’s share was $242.8 million) and sold $581.2 million of non-strategic assets (Regency’s share was $404.9 million).

Acquisition Activity

Uptown District, located in San Diego, CA, was purchased on a wholly owned basis for a gross purchase price of $81.1 million. The 148,638 square foot urban center is the dominant grocery shopping destination in San Diego’s densely populated Hillcrest neighborhood. Uptown District is 95% leased and anchored by two grocers, Ralphs (a banner of The Kroger Company) and Trader Joe’s.

Sandy Springs Plaza, located in the affluent Atlanta neighborhood of Sandy Springs, was purchased on a wholly owned basis for a gross purchase price of $35.3 million. The 115,794 square foot center is situated along Roswell Road, which is the major north-south thoroughfare extending from Atlanta’s premier Buckhead neighborhood. Sandy Springs Plaza is 95% leased and anchored by Trader Joe’s, Pier 1 Imports and Party City.

Village Plaza, located in Chapel Hill, NC, was purchased with a co-investment partner for a gross purchase price of $16.7 million. Regency’s share of the purchase price was $3.3 million. The 78,128 square foot neighborhood center sits approximately two miles northeast of the University of North Carolina at Chapel Hill. Village Plaza is 100% leased and anchored by Whole Foods.

A 50% interest was purchased in Phillips Place, located in Charlotte, NC. The gross purchase price was $55.4 million, with Regency’s share being $27.7 million. The 133,059 square foot upscale retail center is located adjacent to the super-regional SouthPark Mall in Charlotte’s affluent South Park submarket. Phillips Place is 99% leased and includes best-in-class operators such as Dean & Deluca, Regal Cinemas, Brooks Brothers and The Palm Restaurant.

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