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Today, Regency Centers announced the acquisition of a portfolio of five premier suburban shopping centers, all located within the 23,000-acre Rancho Mission Viejo (“RMV”) master-planned community in Orange County, CA. The acquired portfolio consists of Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops, and Sendero Marketplace, comprising close to 630,000 square feet in aggregate.
Bridgepark Plaza
We are excited to expand Regency’s presence within this thriving Orange County community and to add these high-quality centers to our best-in-class operating platform,” said John Mehigan, Senior Vice President of Investments in the West Region. “The addition of this portfolio enhances our position within one of the most supply-constrained coastal markets in the U.S.
Mercantile West
The centers are seamlessly integrated into the surrounding community and are merchandised with a robust line-up of needs-based tenants, including highly productive grocers, restaurants, and health, wellness, and personal service uses. The portfolio is 97% leased with grocer sales approaching $800 per square foot, and demographic trends in the community are strong including 3-mile average household income of approximately $200,000.
Mercantile East
This acquisition strategically aligns with Regency’s capital allocation objectives, including accretion to earnings, quality and growth,” said Nick Wibbenmeyer, West Region President and Chief Investment Officer. “Additionally, our structure as an UPREIT and ability to issue OP units provided flexibility for the sellers in structuring the transaction.
Terrace Shops
Sendero Marketplace
Learn more at investors.regencycenters.com.
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