Florida-based Regency Centers Corp. has purchased the mixed-use Uptown District Shopping Center in Hillcrest for $81.1 million. The seller was West Coast Uptown Partners LP.
A statement from brokerage firm The Mansour Group of Marcus & Millichap, which facilitated the transaction on behalf of the seller, said the acquisition was the largest San Diego County retail property deal of 2012.
The center, with retail and residential components, consists of 10 buildings with a total of 148,638 square feet located at 940-1050 University Ave., with most built in 1989. Tenants include Ralphs, Trader Joe’s, Wells Fargo, Panera Bread and Starbucks.
Alvin Mansour, principal of The Mansour Group, said the sale demonstrates continued demand for trophy assets in major metropolitan markets. “Although there has been an overall uptick in sales volume for retail properties, the increase in demand for multitenant properties has been magnified in the grocery anchored segment,” Mansour said.
Regency Centers owns or co-owns more than 340 retail properties nationwide, including 11 in San Diego County. The company has headquarters in Jacksonville and several U.S. regional offices, including one in Solana Beach.
— SDBJ Staff Report