Regency Buys Clairemont Retail Center for $59.5MMonday, September 24, 2012
Regency Centers Corp. has purchased Balboa Mesa Shopping Center, in San Diego’s Clairemont neighborhood, for $59.5 million.
The seller was Balboa Realty LLC, according to a statement from Florida-based Regency Centers. The 189,321-square-foot center is at the intersection of Balboa and Genesee avenues, with anchors including Vons, Kohl’s and CVS Pharmacy.
“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.
The company said Balboa Mesa, built in 1969, is surrounded by a residential population of 126,000 and a daytime population of 109,000 within a three-mile radius.
Gregg Sadowsky, Regency’s senior market officer, said the center is 95 percent leased and offers “an immediate redevelopment opportunity” to increase square footage and improve net operating income.
The acquisition brings Regency’s California portfolio to 69 properties, including 10 retail centers totaling 1.5 million square feet in the San Diego market. The company owned 364 retail properties nationwide as of mid-2012.
Regency Centers trades under the symbol REG on the New York Stock Exchange. The company has headquarters in Jacksonville, Fla., and several U.S. regional offices, including one in Solana Beach.