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Regency Centers Corporation (NYSE:REG), a national operator and developer of community shopping centers, has announced it has closed on a $150 million, three-property acquisition in Fairfield, CT. As previously reported in December, the company has acquired an 80% majority stake in a portfolio of centers – Black Rock Shopping Center, Brick Walk, and Fairfield Center – as a part of a joint venture with local real estate developer Kleban Properties. All three centers are located in affluent, densely populated neighborhoods within Fairfield.
“These three properties are an excellent acquisition for Regency Centers,” said Joanna Rotonde, Senior Manager of Transactions at Regency. “They not only give us a foothold in the dynamic Fairfield market, but also boast a strong offering of retail, office space, and professional services. The diversity of the properties’ tenants makes this an exciting addition to our regional offerings, and we’re thrilled to work with Kleban Properties as our partner on this new venture.”
Together, the three centers offer a cumulative 315,000 square feet of mixed-use space, with the retail components representing 73.5% of portfolio revenues. The largest center, Brick Walk, boasts 121,000 square feet of retail, office and residential space. Key tenants include Morgan Stanley, and Fidelity Investments and Citibank – making the center a strategic location for financial services – in addition to retailers such as Molto, Sprint, Flip Side, and Jos A. Bank.
The 92,000 square foot Fairfield Center is conveniently located only one block from the Metro North rail station on the New Haven line into New York City, an excellent location to serve commuter traffic. Like Brick Walk, Fairfield Center is also mixed-use; its ground levels offer a diverse collection of retailers, including Chico’s, Banana Republic and Wells Fargo, while the upper floor is reserved for high-quality office space. The third property, Black Rock Shopping Center, offers 98,000 square foot of retail space, anchored by Old Navy, GAP, Massage Envy, and Carters stores. All properties are currently 100% leased.