Regency Centers Corporation (REG), a leading operator and developer of grocery-anchored and community shopping centers across the U.S., recently sold a shopping center in Oregon for an undisclosed amount. The shopping center property, spanning 76,483 square feet, was sold to The Inland Real Estate Group, one of the largest commercial real estate and finance groups in the U.S. 

Regency had earlier acquired the property in 2007 from Mervyns, a middle-scale department store chain based in Hayward, California that filed for Chapter 11 bankruptcy protection. The shopping center was remodeled thereafter, and was anchored by leading retailers like Best Buy Co. Inc. (BBY) and Sports Authority. 

Regency anticipates utilizing the cash from the sale to repay its debt. The company has $5.4 million of debt maturing in 2010. Regency currently owns two other shopping centers in Oregon, spanning 225,101 square feet. 

Regency seeks to own assets in high-income in-fill markets that are tenanted by market-dominant grocers, category-leading anchors, specialty retailers and restaurants. The average household income in the markets where Regency has a significant presence is over $90,000, nearly 30% higher than the national average. As of Sep 30, 2009, the company owned or had interests in 409 retail properties, including properties held in joint ventures, spanning 54.1 million square feet.
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