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Friday, 04 January 2013

Regency Centers Invests in 4 Properties

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Regency Centers Corp. has paid $188.5 million for a pair of shopping centers as well as stakes in two others.

The properties have a total of 475,565 square feet.

In its largest transaction, the Jacksonville, Fla., REIT paid $81.1 million, or $546/sf, for Uptown District, a 148,638-sf property at 1010 and 1090 University Ave. and 1220 and 1240 Cleveland Ave. in San Diego's Hillcrest neighborhood. The property is 95 percent leased and anchored by Ralph's and Trader Joes.

It backs a $28.01 million loan that was securitized through Bank of America Commercial Mortgage Inc., 2005-1. The debt has a 5.23 percent coupon and matures in March 2015, according to servicer data compiled by Morningstar Credit Ratings.

Also, the REIT paid $35.3 million, or about $305/sf, for Sandy Springs Plaza, with 115,7409 sf in the Sandy Springs neighborhood of Atlanta. The property, at 6255 Rowell Road, is 95 percent leased and anchored by Trader Joes, Pier 1 Imports and Party City.

It backs a $16.65 million loan that's securitized through Morgan Stanley Capital I Trust, 2005-TOP19. The debt has a 5.36 percent rate and matures in June 2015.

Meanwhile, Regency teamed with a partner to pay $16.7 million, or about $214/sf, for the Village Plaza in Chapel Hill, N.C., about two miles northeast of the University of North Carolina's Chapel Hill campus. The 78,128-sf neighborhood center is fully leased and anchored by Whole Foods. Regency's share of the purchase price was $3.3 million.

And it acquired a 50 percent interest in Phillips Place at 6705-6907 Phillips Place Court in Charlotte, N.C. The total purchase price of the 133,059-sf property was $55.4 million, or $416/sf. It is next to the super-regional SouthPark Mall and is 99 percent leased. Tenants include Dean & Deluca, Regal Cinemas, Brooks Brothers and The Palm Restaurant.

Phillips Place backs a $44.5 million loan that's securitized through Wachovia Bank Commercial Mortgage Trust, 2006-C25. The debt requires only interest payments and has a coupon of 5.78 percent. It matures in April 2016.

Sellers of the properties were not disclosed.

Last year, Regency was involved in the acquisition of $334.3 million of shopping centers. The REIT and its partners also sold $581.2 million of non-strategic assets.

Comments? E-mail Anita Nolan or call her at (267) 247-0112, Ext. 212.


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Property Acquisitions (ACQ)
  • Company: Regency Realty
  • Private: No
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Data Digest







Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4





cppichart FP





Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4