DAVIS, CA, Aug. 22, 2011.--(BUSINESS WIRE)--Regency Centers (NYSE:REG) (www.regencycenters.com), a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of Oak Shade Town Center (top left photo), a 103,762 square foot neighborhood shopping center anchored by Safeway, Rite Aid and OfficeMax in Davis, CA.
The property was purchased on August 18 for $35 million from the center’s original owner.
Built in 1998, Oak Shade Town Center is anchored by a 40,000 square foot Safeway which is the top sales-producing grocer in the market, the city’s only full-service office supply store OfficeMax (21,000 square feet), and a 17,522 square foot Rite Aid with the area’s only pharmacy drive-through. The 95 percent leased center also features Round Table Pizza, Bank of America, Great Clips and AT&T Cellular. The center is located within a mile of the University of California, Davis and the El Macero Country Club.
“Oak Shade Town Center is one of only five grocery-anchored centers in Davis, and one of only two serving the south side of Interstate 80.
"This infill center’s market position is further strengthened by the City’s stringent growth control ordinances which limit future retail development, making this a desirable acquisition for Regency,” explained TR Gregory (middle right photo) , head of Western Acquisitions/Dispositions with Regency Centers.
“Regency continues to pursue premier grocery-anchored infill centers with market-dominant anchors and superior demographics in major markets across the country.”
Contacts
Press Contact:
The Hoffman Agency
Bonnie Hayflick, 904-398-9663
or
Regency Centers
TR Gregory, 213-533-2274
Acquisitions/Dispositions, West
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