MINNEAPOLIS--(BUSINESS WIRE)--Regency Centers (www.regencycenters.com) (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of Calhoun Commons (top left photo), a 66,150 square foot neighborhood shopping center anchored by Whole Foods Market.
The property was purchased in an off-market transaction on July 1 for $21 million from Calhoun Commons Shopping Center Limited Partnership, a subsidiary of Doran Companies and the original developer of the property.
“Calhoun Commons has all the key attributes of a Regency core acquisition.”
Built in 1999, Calhoun Commons is a Class A shopping center anchored by a 49,471 square foot Whole Foods Market, along with national retailers such as Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry’s and Noodles & Company.
The fully leased center produces strong retail sales and high historical occupancy with more than 94 percent of the gross leasable area occupied by first generation tenants. Located 4.5 miles southwest of downtown Minneapolis between West Lake Street and Excelsior Boulevard, Calhoun Commons is located in a dense, affluent market with high barriers to entry for new development.
“Calhoun Commons is a premier property consistent with Regency’s portfolio of quality centers characterized by market-dominant anchors, infill locations, and superior demographics,” explained Stuart Brackenridge, Vice President of Transactions for Regency Centers. “Calhoun Commons has all the key attributes of a Regency core acquisition.”
With the acquisition of Calhoun Commons, Regency owns four retail centers in the Minneapolis market and has a fifth under contract. Regency’s Minneapolis portfolio totals more than 550,000 square feet.
Contacts
The Hoffman Agency
Bonnie Hayflick, 904-398-9663
or
Regency Centers
Stuart Brackenridge, 214-706-2506
Vice President, Transactions
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